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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2013
Stockholders' Equity |
9. | Stockholders’ Equity
Cash Dividends — The Company paid cash dividends during the years ended December 31, 2011, 2012 and 2013 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 |
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 |
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 |
Paid on December 31, 2013 |  |  | 0.05 |  |  |  | 7,208 |
Total cash dividends |  | $ | 0.20 |  |  | $ | 29,112 |
On February 5, 2014, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.10 per share to be paid on March 27, 2014 to holders of record as of March 12, 2014. 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. 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 common stock in open market or privately negotiated transactions. On September 6, 2013, the Company’s Board of Directors terminated any remaining authority under the 2012 stock buyback program, and approved a new stock buyback program that authorizes purchase of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. As of December 31, 2013, the Company had remaining authorization to purchase approximately $187 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 shares of stock from employees during 2013, 2012 and 2011 that are accounted for as treasury stock. 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. These shares were acquired at fair market value. These acquisitions 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. Treasury stock acquisitions during the years ended December 31, 2013, 2012 and 2011 were as follows (dollars in thousands):
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |
Treasury shares at beginning of period |  |  | 38,146,738 |  |  | $ | 795,051 |  |  |  | 27,487,571 |  |  | $ | 624,759 |  |  |  | 27,343,814 |  |  | $ | 620,445 |
Purchases pursuant to stock buyback programs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2007 program |  |  | — |  |  |  | — |  |  |  | 4,708,784 |  |  |  | 70,092 |  |  |  | 8,689 |  |  |  | 255 |
2012 program |  |  | 2,567,266 |  |  |  | 51,107 |  |  |  | 5,863,451 |  |  |  | 98,892 |  |  |  | — |  |  |  | — |
2013 program |  |  | 602,564 |  |  |  | 12,517 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Acquisitions Pursuant to the 2005 Long-Term Incentive Plan |  |  | 951,489 |  |  |  | 22,213 |  |  |  | 86,932 |  |  |  | 1,308 |  |  |  | 135,068 |  |  |  | 4,059 |
Treasury shares at end of period |  |  | 42,268,057 |  |  | $ | 880,888 |  |  |  | 38,146,738 |  |  | $ | 795,051 |  |  |  | 27,487,571 |  |  | $ | 624,759 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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