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Basis of Consolidation and Presentation | 3 Months Ended
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Mar. 31, 2012
Basis of Consolidation and Presentation |
1. | Basis of Consolidation and Presentation
The unaudited interim consolidated financial statements include the accounts of Patterson-UTI Energy, Inc. (the “Company”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Except for wholly-owned subsidiaries, the Company has no controlling financial interests in any entity which would require consolidation. The unaudited interim consolidated financial statements have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes the disclosures included either on the face of the financial statements or herein are sufficient to make the information presented not misleading. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair statement of the information in conformity with accounting principles generally accepted in the United States of America have been included. The Unaudited Consolidated Balance Sheet as of December 31, 2011, as presented herein, was derived from the audited consolidated balance sheet of the Company, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011. The results of operations for the three months ended March 31, 2012 are not necessarily indicative of the results to be expected for the full year. The U.S. dollar is the functional currency for all of the Company’s operations except for its Canadian operations, which uses the Canadian dollar as its functional currency. The effects of exchange rate changes are reflected in accumulated other comprehensive income, which is a separate component of stockholders’ equity. The carrying values of cash and cash equivalents, trade receivables and accounts payable approximate fair value. The Company provides a dual presentation of its net income (loss) per common share in its unaudited consolidated statements of operations: Basic net income (loss) per common share (“Basic EPS”) and diluted net income (loss) per common share (“Diluted EPS”). Basic EPS excludes dilution and is computed by first allocating earnings between common stockholders and holders of non-vested shares of restricted stock. Basic EPS is then determined by dividing the earnings attributable to common stockholders by the weighted average number of common shares outstanding during the period, excluding non-vested shares of restricted stock. Diluted EPS is based on the weighted average number of common shares outstanding plus the dilutive effect of potential common shares, including stock options, non-vested shares of restricted stock and restricted stock units. The dilutive effect of stock options and restricted stock units is determined using the treasury stock method. The dilutive effect of non-vested shares of restricted stock is based on the more dilutive of the treasury stock method or the two-class method, assuming a reallocation of undistributed earnings to common stockholders after considering the dilutive effect of potential common shares other than non-vested shares of restricted stock. The following table presents information necessary to calculate income from continuing operations per share, loss from discontinued operations per share and net income per share for the three months ended March 31, 2012 and 2011 as well as potentially dilutive securities excluded from the weighted average number of diluted common shares outstanding, as their inclusion would have been anti-dilutive (in thousands, except per share amounts):
|  | Three Months Ended March 31, |
|  | 2012 |  |  | 2011 |
BASIC EPS: |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 97,274 |  |  | $ | 71,619 |
Adjust for income attributed to holders of non-vested restricted stock |  |  | (742 | ) |  |  | (501 | )
Income from continuing operations attributed to common stockholders |  | $ | 96,532 |  |  | $ | 71,118 |
Loss from discontinued operations, net |  | $ | — |  |  | $ | (367 | )
Adjust for loss attributed to holders of non-vested restricted stock |  |  | — |  |  |  | 3 |
Loss from discontinued operations attributed to common stockholders |  | $ | — |  |  | $ | (364 | )
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock |  |  | 154,625 |  |  |  | 153,122 |
Basic income from continuing operations per common share |  | $ | 0.62 |  |  | $ | 0.46 |
Basic loss from discontinued operations per common share |  | $ | 0.00 |  |  | $ | 0.00 |
Basic net income per common share |  | $ | 0.62 |  |  | $ | 0.46 |
DILUTED EPS: |  |  |  |  |  |  |  |
Income from continuing operations attributed to common stockholders |  | $ | 96,532 |  |  | $ | 71,118 |
Add incremental earnings related to potential common shares |  |  | — |  |  |  | 4 |
Adjusted income from continuing operations attributed to common stockholders |  | $ | 96,532 |  |  | $ | 71,122 |
Weighted average number of common shares outstanding, excluding non-vested shares of restricted stock |  |  | 154,625 |  |  |  | 153,122 |
Add dilutive effect of potential common shares |  |  | 776 |  |  |  | 1,531 |
Weighted average number of diluted common shares outstanding |  |  | 155,401 |  |  |  | 154,653 |
Diluted income from continuing operations per common share |  | $ | 0.62 |  |  | $ | 0.46 |
Diluted loss from discontinued operations per common share |  | $ | 0.00 |  |  | $ | 0.00 |
Diluted net income per common share |  | $ | 0.62 |  |  | $ | 0.46 |
Potentially dilutive securities excluded as anti-dilutive |  |  | 3,229 |  |  |  | 725 |

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