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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2017
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, 2017 are as follows:
|  | Shares |  |  | Shares Underlying |  |  | Shares |
|  | Authorized |  |  | Awards |  |  | Available |
Plan Name |  | for Grant |  |  | Outstanding |  |  | for Grant |
Amended and Restated Plan |  |  | 18,900,000 |  |  |  | 5,286,459 |  |  |  | 7,647,874 |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | — |  |  |  | 3,804,500 |  |  |  | — |
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 and 2015 are as follows:
|  | 2016 |  |  | 2015 |
Volatility |  |  | 35.11 | % |  |  | 37.95 | %
Expected term (in years) |  |  | 5.00 |  |  |  | 5.00 |
Dividend yield |  |  | 2.05 | % |  |  | 2.00 | %
Risk-free interest rate |  |  | 1.40 | % |  |  | 1.37 | %
Stock Option Activity | Stock option activity for the year ended December 31, 2017 follows:
|  |  |  |  |  | Weighted-average |
|  | Shares |  |  | exercise price |
Outstanding at beginning of year |  |  | 6,687,150 |  |  | $ | 20.68 |
Exercised |  |  | (50,000 | ) |  | $ | 18.63 |
Expired |  |  | (600,000 | ) |  | $ | 24.17 |
Outstanding at end of year |  |  | 6,037,150 |  |  | $ | 20.35 |
Exercisable at end of year |  |  | 5,515,968 |  |  | $ | 20.49 |
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, 2017, 2016 and 2015 follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Weighted-average grant date fair value of stock options granted (per share) |  | NA |  |  | $ | 4.90 |  |  | $ | 5.79 |
Aggregate grant date fair value of stock options vested during the year (in thousands) |  | $ | 4,565 |  |  | $ | 4,729 |  |  | $ | 5,077 |
Aggregate intrinsic value of stock options exercised (in thousands) |  | $ | 209 |  |  | $ | 366 |  |  | $ | — |
Restricted Stock Activity | Restricted stock activity for the year ended December 31, 2017 follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | average Grant |
|  | Shares |  |  | Date Fair Value |
Non-vested restricted stock outstanding at beginning of year |  |  | 1,427,455 |  |  | $ | 22.26 |
Granted |  |  | 890,904 |  |  | $ | 21.78 |
Vested |  |  | (764,213 | ) |  | $ | 23.40 |
Forfeited |  |  | (23,808 | ) |  | $ | 22.34 |
Non-vested restricted stock outstanding at end of year |  |  | 1,530,338 |  |  | $ | 21.41 |
Restricted Stock Unit Activity | Restricted stock unit activity for the year ended December 31, 2017 follows:
|  |  |  |  |  | Weighted-average |
|  |  |  |  |  | Grant Date Fair |
|  | Shares |  |  | Value |
Non-vested restricted stock units outstanding at beginning of year |  |  | 191,655 |  |  | $ | 19.85 |
Granted |  |  | 1,238,692 |  |  | $ | 19.85 |
Assumed (1) |  |  | 505,551 |  |  | $ | 22.45 |
Vested |  |  | (549,451 | ) |  | $ | 22.24 |
Forfeited |  |  | (49,174 | ) |  | $ | 21.26 |
Non-vested restricted stock units outstanding at end of year |  |  | 1,337,273 |  |  | $ | 19.80 |
(1) | Restricted stock unit awards under the Seventy Seven Energy Inc. 2016 Omnibus Incentive Plan, which was adopted, assumed, amended and renamed by the Company in connection with the SSE merger. No additional awards will be made under this plan.
Performance Units | The total target number of shares with respect to the Performance Units for the years 2012-2017 is set forth below:
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  |  | 186,198 |  |  |  | 185,000 |  |  |  | 190,600 |  |  |  | 154,000 |  |  |  | 236,500 |  |  |  | 192,000 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | 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 |  | $ | 5,780 |  |  | $ | 3,854 |  |  | $ | 4,052 |  |  | $ | 5,388 |  |  | $ | 5,564 |  |  | $ | 3,065 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is set forth below (in thousands):
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Year ended December 31, 2017 |  | $ | 1,284 |  |  | $ | 1,285 |  |  | $ | 1,351 |  |  | $ | 449 |  |  | NA |  |  | NA |
Year ended December 31, 2016 |  | NA |  |  | $ | 963 |  |  | $ | 1,351 |  |  | $ | 1,796 |  |  | $ | 464 |  |  | NA |
Year ended December 31, 2015 |  | NA |  |  | NA |  |  |  | 1,013 |  |  | $ | 1,796 |  |  | $ | 1,855 |  |  | $ | 255 |
Employee Stock Option |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Additional Information with Respect to Non-vested Options | Additional information as of December 31, 2017 with respect to these non-vested options follows:
Aggregate intrinsic value |  | $2.1 million
Weighted-average remaining contractual term |  | 8.2 years
Weighted-average remaining expected term |  | 3.2 years
Weighted-average remaining vesting period |  | 1.4 years
Unrecognized compensation cost |  | $2.6 million
Restricted Stock Awards |
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, 2017 with respect to these non-vested shares follows:
Aggregate intrinsic value |  | $34.0 million
Weighted-average remaining vesting period |  | 1.3 years
Unrecognized compensation cost |  | $19.6 million

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