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Stockholders' Equity
 12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Stockholders' Equity

9. Stockholders’ Equity

Cash Dividends – The Company paid cash dividends during the years ended December 31, 2012, 2013 and 2014 as follows:

 

  

 

Per Share

 

 

Total

 

 

 

 

 

 

 

(in thousands)

 

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

 

 

 

 

 

 

 

 

 

 

2014:

 

 

 

 

 

 

 

 

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

 

Paid on December 24, 2014

 

 

0.10

 

 

 

14,636

 

Total cash dividends

 

$

0.40

 

 

$

58,288

 

 

On February 4, 2015, 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 25, 2015 to holders of record as of March 11, 2015. 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, 2014, 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 2014, 2013 and 2012 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”) or the Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan (the “2014 Plan”) and not pursuant to the stock buyback programs.

Treasury stock acquisitions during the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in thousands):

 

 

 

2014

 

 

2013

 

 

2012

 

 

 

Shares

 

 

Cost

 

 

Shares

 

 

Cost

 

 

Shares

 

 

Cost

 

Treasury shares at beginning of period

 

 

42,268,057

 

 

$

880,888

 

 

 

38,146,738

 

 

$

795,051

 

 

 

27,487,571

 

 

$

624,759

 

Purchases pursuant to stock buyback programs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007 program

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,708,784

 

 

 

70,092

 

2012 program

 

 

—

 

 

 

—

 

 

 

2,567,266

 

 

 

51,107

 

 

 

5,863,451

 

 

 

98,892

 

2013 program

 

 

13,898

 

 

 

466

 

 

 

602,564

 

 

 

12,517

 

 

 

—

 

 

 

—

 

Acquisitions pursuant to long-term incentive plans

 

 

536,630

 

 

 

17,681

 

 

 

951,489

 

 

 

22,213

 

 

 

86,932

 

 

 

1,308

 

Treasury shares at end of period

 

 

42,818,585

 

 

$

899,035

 

 

 

42,268,057

 

 

$

880,888

 

 

 

38,146,738

 

 

$

795,051