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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2016
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, 2016 are as follows:
|  | 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 |  |  |  | 3,851,760 |  |  |  | 1,784,452 |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | — |  |  |  | 4,454,500 |  |  |  | — |
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 during the years ended December 31, 2016, 2015 and 2014 are as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Volatility |  |  | 35.11 | % |  |  | 37.95 | % |  |  | 35.89 | %
Expected term (in years) |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 5.00 |
Dividend yield |  |  | 2.05 | % |  |  | 2.00 | % |  |  | 1.17 | %
Risk-free interest rate |  |  | 1.40 | % |  |  | 1.37 | % |  |  | 1.76 | %
Stock Option Activity | Stock option activity for the year ended December 31, 2016 follows:
|  |  |  |  |  | Weighted-average |
|  | Shares |  |  | exercise price |
Outstanding at beginning of year |  |  | 6,307,250 |  |  | $ | 21.68 |
Granted |  |  | 969,900 |  |  | $ | 18.40 |
Exercised |  |  | (40,000 | ) |  | $ | 17.69 |
Expired |  |  | (550,000 | ) |  | $ | 28.26 |
Outstanding at end of year |  |  | 6,687,150 |  |  | $ | 20.68 |
Exercisable at end of year |  |  | 5,326,606 |  |  | $ | 21.01 |
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, 2016, 2015 and 2014 follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Weighted-average grant date fair value of stock options granted (per share) |  | $ | 4.90 |  |  | $ | 5.79 |  |  | $ | 9.81 |
Aggregate grant date fair value of stock options vested during the year (in thousands) |  | $ | 4,729 |  |  | $ | 5,077 |  |  | $ | 5,173 |
Aggregate intrinsic value of stock options exercised (in thousands) |  | $ | 366 |  |  | $ | — |  |  | $ | 21,862 |
Restricted Stock Activity | Restricted stock activity for the year ended December 31, 2016 follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | average Grant |
|  | Shares |  |  | Date Fair Value |
Non-vested restricted stock outstanding at beginning of year |  |  | 1,432,250 |  |  | $ | 24.56 |
Granted |  |  | 785,486 |  |  | $ | 20.58 |
Vested |  |  | (747,029 | ) |  | $ | 24.77 |
Forfeited |  |  | (43,252 | ) |  | $ | 24.57 |
Non-vested restricted stock outstanding at end of year |  |  | 1,427,455 |  |  | $ | 22.26 |
Restricted Stock Unit Activity | Restricted stock unit activity for the year ended December 31, 2016 follows:
|  |  |  |  |  | Weighted-average |
|  |  |  |  |  | Grant Date Fair |
|  | Shares |  |  | Value |
Non-vested restricted stock units outstanding at beginning of year |  |  | 41,686 |  |  | $ | 26.22 |
Granted |  |  | 178,254 |  |  | $ | 19.31 |
Vested |  |  | (15,033 | ) |  | $ | 27.30 |
Forfeited |  |  | (13,252 | ) |  | $ | 24.08 |
Non-vested restricted stock units outstanding at end of year |  |  | 191,655 |  |  | $ | 19.85 |
Performance Units | The total target number of shares with respect to the Performance Units for the years 2011-2016 is set forth below:
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  |  | 185,000 |  |  |  | 190,600 |  |  |  | 154,000 |  |  |  | 236,500 |  |  |  | 192,000 |  |  |  | 144,375 |
Total Shareholder Return Percentiles and Number of Shares Issued | For the Performance Units that have been settled, the total shareholder return percentiles and the number of shares issued are as follows:
|  |  |  |  |  |  |  |  |  | 2012 |  |  | 2011 |
|  |  |  |  |  |  |  |  |  | Performance |  |  | Performance |
|  |  |  |  |  |  |  |  |  | Unit Awards |  |  | Unit Awards |
Total shareholder return percentile for performance period |  |  |  |  |  |  |  |  |  | 87th |  |  | 94th |
Shares issued |  |  |  |  |  |  |  |  |  |  | 384,000 |  |  |  | 288,750 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | 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 |  | $ | 3,854 |  |  | $ | 4,052 |  |  | $ | 5,388 |  |  | $ | 5,564 |  |  | $ | 3,065 |  |  | $ | 5,569 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is set forth below (in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Year ended December 31, 2016 |  | $ | 963 |  |  | $ | 1,351 |  |  | $ | 1,796 |  |  | $ | 464 |  |  | NA |  |  | NA |
Year ended December 31, 2015 |  | NA |  |  | $ | 1,013 |  |  | $ | 1,796 |  |  | $ | 1,855 |  |  | $ | 255 |  |  | NA |
Year ended December 31, 2014 |  | NA |  |  | NA |  |  | $ | 1,347 |  |  | $ | 1,855 |  |  | $ | 1,022 |  |  | $ | 464 |
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, 2016 with respect to these non-vested options follows:
Aggregate intrinsic value (in thousands) |  | $10.5 million
Weighted-average remaining contractual term |  | 9.0 years
Weighted-average remaining expected term |  | 4.0 years
Weighted-average remaining vesting period |  | 2.0 years
Unrecognized compensation cost |  | $6.0 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, 2016, approximately 1.3 million shares of non-vested restricted stock outstanding are expected to vest. Additional information as of December 31, 2016 with respect to these non-vested shares follows:
Aggregate intrinsic value |  | $34.0 million
Weighted-average remaining vesting period |  | 1.8 years
Unrecognized compensation cost |  | $21.3 million

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