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Stockholders' Equity
 9 Months Ended
Sep. 30, 2012
Stockholders' Equity

11. Stockholders’ Equity

Cash Dividends—The Company paid cash dividends during the nine months ended September 30, 2011 and 2012 as follows:

 

      Per Share      Total  
            (in thousands)  

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   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.15       $ 23,257   
  

 

 

     

 

 

  

 

      Per Share      Total  
            (in thousands)  

2012:

      

Paid on March 30, 2012

    $ 0.05       $ 7,788   

Paid on June 29, 2012

      0.05         7,650   

Paid on September 28, 2012

      0.05         7,518   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.15       $ 22,956   
  

 

 

     

 

 

  

On October 24, 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 December 28, 2012 to holders of record as of December 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, the Company purchased approximately 4.7 million shares under the program at a cost of approximately $70.1 million. 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. During the three months ended September 30, 2012, the Company purchased approximately 2.4 million shares under the new stock buyback program at cost of approximately $38.8 million. 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 nine months ended September 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.