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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2013
Share-based Compensation Plans | The Company’s share-based compensation plans at December 31, 2013 follow:
Plan Name |  | Shares Authorized for Grant |  |  | Awards Outstanding |  |  | Shares Available for Grant |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | 15,250,000 |  |  |  | 8,026,643 |  |  |  | 274,071 |
Patterson-UTI Energy, Inc. Amended and Restated 1997 Long-Term Incentive Plan, as amended (“1997 Plan”) |  |  | — |  |  |  | 810,000 |  |  |  | — |
Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted | Weighted-average assumptions used to estimate grant date fair values for stock options granted in the years ended December 31, 2013, 2012 and 2011 follow:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Volatility |  |  | 41.36 | % |  |  | 48.79 | % |  |  | 45.97 | %
Expected term (in years) |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 5.00 |
Dividend yield |  |  | 0.89 | % |  |  | 1.21 | % |  |  | 0.67 | %
Risk-free interest rate |  |  | 0.70 | % |  |  | 0.87 | % |  |  | 2.34 | %
Stock Option Activity | Stock option activity for the year ended December 31, 2013 follows:
|  | Shares |  |  | Weighted-average exercise price |
Outstanding at beginning of year |  |  | 7,827,195 |  |  | $ | 20.35 |
Granted |  |  | 692,500 |  |  | $ | 22.51 |
Exercised |  |  | (1,190,000 | ) |  | $ | 16.21 |
Cancelled |  |  | (10,000 | ) |  | $ | 18.63 |
Expired |  |  | — |  |  |  | — |
Outstanding at end of year |  |  | 7,319,695 |  |  | $ | 21.23 |
Exercisable at end of year |  |  | 6,250,860 |  |  | $ | 21.29 |
Additional Information with Respect to Options Granted, Vested and Exercised | Additional information with respect to options granted, vested and exercised during the years ended December 31, 2013, 2012 and 2011 follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Weighted-average grant date fair value of stock options granted (per share) |  | $ | 7.59 |  |  | $ | 6.37 |  |  | $ | 12.24 |
Aggregate grant date fair value of stock options vested during the year (in thousands) |  | $ | 5,240 |  |  | $ | 5,512 |  |  | $ | 5,639 |
Aggregate intrinsic value of stock options exercised (in thousands) |  | $ | 8,683 |  |  | $ | 138 |  |  | $ | 12,663 |
Restricted Stock Activity | Restricted stock activity for the year ended December 31, 2013 follows:
|  | Shares |  |  | Weighted- average Grant Date Fair Value |
Non-vested restricted stock outstanding at beginning of year |  |  | 1,279,146 |  |  | $ | 20.03 |
Granted |  |  | 954,750 |  |  | $ | 21.66 |
Vested |  |  | (653,636 | ) |  | $ | 20.56 |
Forfeited |  |  | (83,568 | ) |  | $ | 20.04 |
Non-vested restricted stock outstanding at end of year |  |  | 1,496,692 |  |  | $ | 20.84 |
Restricted Stock Unit Activity | Restricted stock unit activity for the year ended December 31, 2013 follows:
|  | Shares |  |  | Weighted- average Grant Date Fair Value |
Non-vested restricted stock units outstanding at beginning of year |  |  | 17,670 |  |  | $ | 20.08 |
Granted |  |  | 11,250 |  |  | $ | 21.09 |
Vested |  |  | (8,664 | ) |  | $ | 20.01 |
Forfeited |  |  | — |  |  |  | — |
Non-vested restricted stock units outstanding at end of year |  |  | 20,256 |  |  | $ | 20.67 |
Stock-Settled Performance Units | The total target number of shares with respect to the Stock-Settled Performance Units is set forth below:
|  | 2013 Performance Unit Awards |  |  | 2012 Performance Unit Awards |  |  | 2011 Performance Unit Awards |  |  | 2010 Performance Unit Awards |
Target number of shares |  |  | 236,500 |  |  |  | 192,000 |  |  |  | 144,375 |  |  |  | 178,750 |
Fair Value of Stock-Settled Performance Units | The fair value of the Stock-Settled Performance Units is set forth below (in thousands):
|  | 2013 Performance Unit Awards |  |  | 2012 Performance Unit Awards |  |  | 2011 Performance Unit Awards |  |  | 2010 Performance Unit Awards |
Aggregate fair value at date of grant |  | $ | 5,564 |  |  | $ | 3,065 |  |  | $ | 5,569 |  |  | $ | 3,117 |
Compensation Expense Associated with Stock-Settled Performance Units | Compensation expense associated with the Stock-Settled Performance Units is set forth below (in thousands):
|  | 2013 Performance Unit Awards |  |  | 2012 Performance Unit Awards |  |  | 2011 Performance Unit Awards |  |  | 2010 Performance Unit Awards |
Year ended December 31, 2013 |  | $ | 1,391 |  |  | $ | 1,022 |  |  | $ | 1,856 |  |  | $ | 260 |
Year ended December 31, 2012 |  |  | NA |  |  |  | 766 |  |  | $ | 1,856 |  |  | $ | 1,039 |
Year ended December 31, 2011 |  |  | NA |  |  |  | NA |  |  | $ | 1,392 |  |  | $ | 1,039 |
Employee Stock Option |
Additional Information with Respect to Non-vested Shares | Additional information as of December 31, 2013 with respect to these non-vested options follows:
Aggregate intrinsic value |  | $5.0 million
Weighted-average remaining contractual term |  | 8.90 years
Weighted-average remaining expected term |  | 3.90 years
Weighted-average remaining vesting period |  | 1.81 years
Unrecognized compensation cost |  | $6.3 million
Restricted Stock Awards |
Additional Information with Respect to Non-vested Shares | Additional information as of December 31, 2013 with respect to these non-vested shares follows:
Aggregate intrinsic value |  | $35.5 million
Weighted-average remaining vesting period |  | 1.94 years
Unrecognized compensation cost |  | $22.5 million

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