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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2016
Equity [Abstract] |
Stockholders' Equity | 10. Stockholders’ Equity Cash Dividends – The Company paid cash dividends during the years ended December 31, 2016, 2015 and 2014 as follows:
|  | Per Share |  |  | Total |
|  |  |  |  |  | (in thousands) |
2016 |  |  |  |  |  |  |  |
Paid on March 24, 2016 |  | $ | 0.10 |  |  | $ | 14,712 |
Paid on June 23, 2016 |  |  | 0.02 |  |  |  | 2,953 |
Paid on September 22, 2016 |  |  | 0.02 |  |  |  | 2,953 |
Paid on December 22, 2016 |  |  | 0.02 |  |  |  | 2,961 |
Total cash dividends |  | $ | 0.16 |  |  | $ | 23,579 |
2015 |  |  |  |  |  |  |  |
Paid on March 25, 2015 |  | $ | 0.10 |  |  | $ | 14,640 |
Paid on June 24, 2015 |  |  | 0.10 |  |  |  | 14,712 |
Paid on September 24, 2015 |  |  | 0.10 |  |  |  | 14,712 |
Paid on December 24, 2015 |  |  | 0.10 |  |  |  | 14,711 |
Total cash dividends |  | $ | 0.40 |  |  | $ | 58,775 |
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 8, 2017, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.02 per share to be paid on March 22, 2017 to holders of record as of March 8, 2017. 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 debt agreements and other factors. The merger agreement prohibits the Company (unless consented to in advance by SSE, which consent may not be unreasonably withheld, delayed or conditioned) from paying dividends to holders of the Company’s common stock in excess of $0.02 per share per quarter until the earlier of the effective time of the SSE merger and the termination of the merger agreement in accordance with its terms. On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock and it intends to use the net proceeds from this offering of approximately $470 million to fund the repayment of SSE’s outstanding net indebtedness upon closing of the SSE merger. If the SSE merger is not consummated, the Company intends to use the net proceeds of the offering for general corporate purposes, which may include repayment of outstanding indebtedness or investments in working capital. 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 December 31, 2016, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the 2013 stock buyback program. Shares purchased under a buyback program are accounted for as treasury stock. The Company acquired shares of stock from directors during 2016 and from employees during 2016, 2015 and 2014 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. 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 program. Treasury stock acquisitions during the years ended December 31, 2016, 2015 and 2014 were as follows (dollars in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |
Treasury shares at beginning of period |  |  | 43,207,240 |  |  | $ | 907,045 |  |  |  | 42,818,585 |  |  | $ | 899,035 |  |  |  | 42,268,057 |  |  | $ | 880,888 |
Purchases pursuant to 2013 stock buyback program: |  |  | 8,488 |  |  |  | 183 |  |  |  | 8,618 |  |  |  | 180 |  |  |  | 13,898 |  |  |  | 466 |
Acquisitions pursuant to long-term incentive plans |  |  | 176,889 |  |  |  | 3,866 |  |  |  | 380,037 |  |  |  | 7,830 |  |  |  | 536,630 |  |  |  | 17,681 |
Treasury shares at end of period |  |  | 43,392,617 |  |  | $ | 911,094 |  |  |  | 43,207,240 |  |  | $ | 907,045 |  |  |  | 42,818,585 |  |  | $ | 899,035 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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