XML 58 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity
 6 Months Ended
Jun. 30, 2014
Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the six months ended June 30, 2014 and 2013 as follows:

 

2013:    Per Share      Total  
            (in thousands)  

Paid on March 29, 2013

    $ 0.05       $ 7,312   

Paid on June 28, 2013

      0.05         7,361   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.10       $ 14,673   
  

 

 

     

 

 

  

 

2014:    Per Share      Total  
            (in thousands)  

Paid on March 27, 2014

    $ 0.10       $ 14,456   

Paid on June 26, 2014

      0.10         14,562   
  

 

 

     

 

 

  

Total cash dividends

    $ 0.20       $ 29,018   
  

 

 

     

 

 

  

On July 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 September 24, 2014 to holders of record as of September 10, 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 June 30, 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.

The Company acquired 536,630 shares of treasury stock from employees during the six months ended June 30, 2014. Certain of these shares were acquired to satisfy the exercise price in connection with the exercise of stock options. 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 $17.7 million. These shares were acquired pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan (the “2005 Plan”) or the 2014 Plan and not pursuant to the stock buyback program.

Treasury stock acquisitions during the six months ended June 30, 2014 were as follows (dollars in thousands):

 

     June 30, 2014  
     Shares      Cost  

Treasury shares at beginning of period

      42,268,057       $ 880,888   

Acquisitions pursuant to long-term incentive plans

      536,630         17,681   

Purchases pursuant to the 2013 buyback program

      13,898         466   
  

 

 

     

 

 

  

Treasury shares at end of period

      42,818,585       $ 899,035