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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based Compensation Plans

The Company’s share-based compensation plans at December 31, 2015 follow:

Shares

Shares Underlying

Shares

Authorized

Awards

Available

Plan Name

for Grant

Outstanding

for Grant

Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan

9,100,000

2,509,623

4,018,824

Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended

—

5,271,563

—

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, 2015, 2014 and 2013 follow:

		2015				2014				2013
Volatility			37.95	%			35.89	%			41.36	%
Expected term (in years)			5.00				5.00				5.00
Dividend yield			2.00	%			1.17	%			0.89	%
Risk-free interest rate			1.37	%			1.76	%			0.70	%

Stock Option Activity

Stock option activity for the year ended December 31, 2015 follows:

						Weighted-average
		Shares				exercise price
Outstanding at beginning of year			6,086,250			$	22.32
Granted			831,000			$	20.06
Exercised			—				—
Cancelled			(10,000	)		$	16.59
Expired			(600,000	)		$	26.06
Outstanding at end of year			6,307,250			$	21.68
Exercisable at end of year			5,224,082			$	21.49

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, 2015, 2014 and 2013 follows:

		2015				2014				2013
Weighted-average grant date fair value of stock options granted (per share)		$	5.79			$	9.81			$	7.59
Aggregate grant date fair value of stock options vested during the year (in thousands)		$	5,077			$	5,173			$	5,240
Aggregate intrinsic value of stock options exercised (in thousands)		$	—			$	21,862			$	8,683

Restricted Stock Activity

Restricted stock activity for the year ended December 31, 2015 follows:

						Weighted-
						average Grant
		Shares				Date Fair Value
Non-vested restricted stock outstanding at beginning of year			1,493,059			$	26.93
Granted			795,600			$	20.58
Vested			(774,235	)		$	24.89
Forfeited			(82,174	)		$	25.89
Non-vested restricted stock outstanding at end of year			1,432,250			$	24.56

Restricted Stock Unit Activity

Restricted stock unit activity for the year ended December 31, 2015 follows:

						Weighted-average
						Grant Date Fair
		Shares				Value
Non-vested restricted stock units outstanding at beginning of year			34,085			$	30.20
Granted			22,100			$	20.85
Vested			(14,499	)		$	27.37
Forfeited			—			$	—
Non-vested restricted stock units outstanding at end of year			41,686			$	26.22

Stock-Settled Performance Units

The total target number of shares with respect to the Stock-Settled Performance Units is set forth below:

		2015				2014				2013				2012				2011				2010
		Performance				Performance				Performance				Performance				Performance				Performance
		Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards
Target number of shares			190,600				154,000				236,500				192,000				144,375				178,750

Total Shareholder Return Percentiles and Number of Shares Issued

     For the stock-settled Performance Units that have been settled, following are the total shareholder return percentiles and the number of shares issued:

2012

2011

2010

Performance

Performance

Performance

Unit Awards

Unit Awards

Unit Awards

Total shareholder return percentile for performance period

87th

94th

93rd

Shares issued

384,000

288,750

357,500

Fair Value of Stock-Settled Performance Units

The fair value of the Stock-Settled Performance Units is set forth below (in thousands):

		2015				2014				2013				2012				2011				2010
		Performance				Performance				Performance				Performance				Performance				Performance
		Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards
Aggregate fair value at date of grant		$	4,052			$	5,388			$	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):

		2015				2014				2013				2012				2011				2010
		Performance				Performance				Performance				Performance				Performance				Performance
		Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards				Unit Awards
Year ended December 31, 2015		$	1,013			$	1,796			$	1,855			$	255			NA				NA
Year ended December 31, 2014		NA				$	1,347			$	1,855			$	1,022			$	464			NA
Year ended December 31, 2013		NA				NA				$	1,391			$	1,022			$	1,856			$	260

Employee Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Additional Information with Respect to Non-vested Shares

Additional information as of December 31, 2015 with respect to these non-vested options follows:

Aggregate intrinsic value (in thousands)		$	—
Weighted-average remaining contractual term		8.99 years
Weighted-average remaining expected term		3.99 years
Weighted-average remaining vesting period		1.89 years
Unrecognized compensation cost		$5.8 million

Restricted Stock Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Additional Information with Respect to Non-vested Shares

As of December 31, 2015, approximately 1.3 million shares of non-vested restricted stock outstanding are expected to vest.  Additional information as of December 31, 2015 with respect to these non-vested shares follows:

Aggregate intrinsic value		$19.9 million
Weighted-average remaining vesting period		1.8 years
Unrecognized compensation cost		$25.1 million

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