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Stockholders' Equity
 3 Months Ended
Mar. 31, 2012
Stockholders' Equity
11. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2011 and 2012 as follows:

 

     Per Share      Total  
            (in thousands)  

2011:

      

Paid on March 30, 2011

    $ 0.05       $ 7,708   

 

     Per Share      Total  
            (in thousands)  

2012:

      

Paid on March 30, 2012

    $ 0.05       $ 7,788   

On April 25, 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 June 29, 2012 to holders of record as of June 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. No shares were purchased during the three months ended March 31, 2012 under the program. As of March 31, 2012, 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 683 shares of treasury stock from employees during the three months ended March 31, 2012. 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 $15,000. These purchases were made pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan and not pursuant to the stock buyback program.