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Stock-based Compensation (Tables)

12 Months Ended

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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