XML 76 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholder' Equity
 12 Months Ended
Dec. 31, 2011
Stockholder' Equity
10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the years ended December 31, 2009, 2010 and 2011 as follows:

 

     Per Share      Total  
            (in thousands)  

2009:

      

Paid on March 31, 2009

    $ 0.05       $ 7,655   

Paid on June 30, 2009

      0.05         7,675   

Paid on September 30, 2009

      0.05         7,675   

Paid on December 30, 2009

      0.05         7,676   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.20       $ 30,681   
  

 

 

     

 

 

  

2010:

      

Paid on March 30, 2010

    $ 0.05       $ 7,677   

Paid on June 30, 2010

      0.05         7,706   

Paid on September 30, 2010

      0.05         7,704   

Paid on December 30, 2010

      0.05         7,709   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.20       $ 30,796   
  

 

 

     

 

 

  

2011:

      

Paid on March 30, 2011

    $ 0.05       $ 7,708   

Paid on June 30, 2011

      0.05         7,772   

Paid on September 30, 2011

      0.05         7,777   

Paid on December 30, 2011

      0.05         7,788   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.20       $ 31,045   
  

 

 

     

 

 

  

On February 1, 2012, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.05 per share to be paid on March 30, 2012 to holders of record as of March 15, 2012. The amount and timing of all future dividend payments, if any, is subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial condition, terms of the Company’s credit facilities and other factors.

On August 1, 2007, the Company’s Board of Directors approved a stock buyback program authorizing purchases of up to $250 million of the Company’s common stock in open market or privately negotiated transactions. During the year ended December 31, 2009, the Company purchased 5,715 shares of its common stock under the program at a cost of approximately $79,000. During the year ended December 31, 2010, the Company purchased 8,743 shares of its common stock under the program at a cost of approximately $123,000. During the year ended December 31, 2011, the Company purchased 8,689 shares of its common stock under the program at a cost of approximately $255,000. As of December 31, 2011, the Company is authorized to purchase approximately $113 million of the Company’s outstanding common stock under the program. Shares purchased under the program are accounted for as treasury stock.

The Company purchased 135,068, 117,083 and 114,983 shares of treasury stock from employees during 2011, 2010 and 2009, respectively. These shares were purchased at fair market value upon the vesting of restricted stock to provide the employees with the funds necessary to satisfy payroll tax withholding obligations. The total purchase price for these shares was approximately $4.1 million, $1.7 million and $1.5 million in 2011, 2010 and 2009, respectively. These purchases were made pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan (the “2005 Plan”) and not pursuant to the stock buyback program.