XML 70 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity
 9 Months Ended
Sep. 30, 2013
Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2013 and 2012 as follows:

 

     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   
  

 

 

     

 

 

  

 

     Per Share      Total  
            (in thousands)  

2013:

      

Paid on March 29, 2013

    $ 0.05       $ 7,312   

Paid on June 28, 2013

      0.05         7,361   

Paid on September 30, 2013

      0.05         7,231   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.15       $ 21,904   
  

 

 

     

 

 

  

On October 23, 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 December 31, 2013 to holders of record as of December 17, 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.

Treasury Stock — 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 nine months ended September 30, 2013, 2,567,266 shares were purchased under this stock buyback program at a cost of approximately $51.1 million. These purchases completed the $150 million stock buyback program. On September 6, 2013 the Company’s Board of Directors approved a new stock buyback program that authorizes purchases of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. During September 2013, 601,668 shares were purchased under the new stock buyback program at a cost of approximately $12.5 million. As of September 30, 2013, the Company had remaining authorization to purchase approximately $188 million of the Company’s outstanding common stock under the new stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock.

 

The Company acquired 947,926 shares of treasury stock from employees during the nine months ended September 30, 2013. Certain of these shares were acquired to satisfy the exercise price in connection with the exercise of stock options by employees. The remainder of these shares was acquired to satisfy payroll tax withholding obligations upon the exercise of stock options, the settlement of performance unit awards and the vesting of restricted stock. The total fair market value of these shares was approximately $22.1 million. These shares were acquired 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.