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Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Equity [Abstract]  
Stockholders' Equity

 

10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the nine months ended September 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

 

Paid on September 30, 2013

 

0.05

 

 

 

7,231

 

Total cash dividends

$

0.15

 

 

$

21,904

 

 

2014:

Per Share

 

 

Total

 

 

 

 

 

 

(in thousands)

 

Paid on March 27, 2014

$

0.10

 

 

$

14,456

 

Paid on June 26, 2014

 

0.10

 

 

 

14,562

 

Paid on September 24, 2014

 

0.10

 

 

 

14,634

 

Total cash dividends

$

0.30

 

 

$

43,652

 

On October 22, 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 December 24, 2014 to holders of record as of December 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 September 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 nine months ended September 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 nine months ended September 30, 2014 were as follows (dollars in thousands):

 

 

September 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