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Stockholders' Equity
 3 Months Ended
Mar. 31, 2014
Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2013 and 2014 as follows:

 

2013:    Per Share      Total  
            (in thousands)  

Paid on March 29, 2013

    $ 0.05       $ 7,312   
2014:    Per Share      Total  
            (in thousands)  

Paid on March 27, 2014

    $ 0.10       $ 14,456   

On April 23, 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 June 26, 2014 to holders of record as of June 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 September 6, 2013, the Company’s Board of Directors approved a 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 March 31, 2014, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock.

During the three months ended March 31, 2014, the Company acquired shares of stock to satisfy payroll tax withholding obligations upon the vesting of restricted stock, which are accounted for as treasury stock. These shares were acquired at fair market value 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 three months ended March 31, 2014 were as follows (dollars in thousands):

 

     March 31, 2014  
     Shares      Cost  

Treasury shares at beginning of period

      42,268,057       $ 880,888   

Acquisitions pursuant to the 2005 Long-Term Incentive Plan

      1,408         43   
  

 

 

     

 

 

  

Treasury shares at end of period

      42,269,465       $ 880,931