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Stockholders' Equity
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity

11. Stockholders’ Equity

Cash Dividends - The Company paid cash dividends during the six months ended June 30, 2011 and 2012 as follows:

 

2011:    Per Share      Total  
            (in thousands)  

Paid on March 30, 2011

    $ 0.05       $ 7,708   

Paid on June 30, 2011

      0.05         7,772   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.10       $ 15,480   
  

 

 

     

 

 

  

 

2012:    Per Share      Total  
            (in thousands)  

Paid on March 30, 2012

    $ 0.05       $ 7,788   

Paid on June 29, 2012

      0.05         7,650   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.10       $ 15,438   
  

 

 

     

 

 

  

On July 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 September 28, 2012 to holders of record as of September 14, 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 six months ended June 30, 2012, approximately 4.7 million shares were purchased under the program at a cost of approximately $70.1 million. As of June 30, 2012, the Company was authorized to purchase approximately $42.8 million of the Company’s outstanding common stock under the program. On July 25, 2012, the Company’s Board of Directors terminated the remaining authority under the 2007 stock buyback program and approved a new stock buyback program authorizing purchases of up to $150 million of the Company’s common stock in open market or privately negotiated transactions. Shares purchased under the buyback programs are accounted for as treasury stock.

The Company purchased 83,229 shares of treasury stock from employees during the six months ended June 30, 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 $1.2 million. 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.