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Stockholders' Equity
 3 Months Ended
Mar. 31, 2013
Stockholders' Equity
10. Stockholders’ Equity

Cash Dividends—The Company paid cash dividends during the three months ended March 31, 2012 and 2013 as follows:

 

2012:    Per Share      Total  
            (in thousands)  

Paid on March 30, 2012

    $ 0.05       $ 7,788   

 

2013:    Per Share      Total  
            (in thousands)  

Paid on March 29, 2013

    $ 0.05       $ 7,312   

On April 24, 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 June 28, 2013 to holders of record as of June 14, 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 July 25, 2012, the Company’s Board of Directors approved a 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 March 31, 2013, no shares were purchased under the stock buyback program. As of March 31, 2013, 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 buyback programs are accounted for as treasury stock.

The Company purchased 637,624 shares of treasury stock from employees during the three months ended March 31, 2013. These shares were purchased at fair market value upon the exercise of stock options to provide the employees with the funds necessary to pay the exercise price of the stock option and to satisfy payroll tax withholding obligations. The total purchase price for these shares was approximately $15.2 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.

Accumulated other comprehensive income is composed solely of amounts related to foreign currency translation.