XML 113 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stockholders' Equity
 12 Months Ended
Dec. 31, 2012
Stockholders' Equity
10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the years ended December 31, 2010, 2011 and 2012 as follows:

 

     Per Share      Total  
            (in thousands)  

2010:

      

Paid on March 31, 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   
  

 

 

     

 

 

  

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   

Paid on December 28, 2012

      0.05         7,346   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.20       $ 30,302   
  

 

 

     

 

 

  

On February 6, 2013, 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 29, 2013 to holders of record as of March 15, 2013. The amount and timing of all future dividend payments, if any, are 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, 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. During the year ended December 31, 2012, the Company purchased 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 year ended December 31, 2012, the Company purchased approximately 5.9 million additional shares under the new stock buyback program at a cost of approximately $98.9 million. As of December 31, 2012, the Company has remaining authorization to purchase approximately $51.1 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under the program are accounted for as treasury stock.

The Company purchased an additional 86,932, 135,068 and 117,083 shares of treasury stock from employees during 2012, 2011 and 2010, 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 $1.3 million, $4.1 million and $1.7 million in 2012, 2011 and 2010, 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.