9. Stockholders’ Equity

Stock Offering – On January 27, 2017, the Company completed an offering of 18.2 million shares of its common stock and raised net proceeds of $472 million. The Company used the net proceeds of the offering to repay SSE’s outstanding indebtedness of approximately $472 million.

Cash Dividends – The Company paid cash dividends during the years ended December 31, 2017, 2016 and 2015 as follows:

	Per Share		Total
			(in thousands)
2017
Paid on March 22, 2017	$	0.02	$	3,326
Paid on June 22, 2017		0.02		4,269
Paid on September 21, 2017		0.02		4,271
Paid on December 21, 2017		0.02		4,449
Total cash dividends	$	0.08	$	16,315

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

On February 7, 2018, 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, 2018 to holders of record as of March 8, 2018. 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.

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. All purchases to date have been through open market transactions. Purchases under the program are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Purchases may be made at any time without prior notice. Shares of stock purchased under the plan are held as treasury shares. There is no expiration date associated with the buyback program. As of December 31, 2017, the Company had remaining authorization to purchase approximately $187 million of the Company’s outstanding common stock under the 2013 stock buyback program.

The Company acquired shares of stock from directors during 2017 and 2016 and from employees during 2017, 2016 and 2015 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 withholding obligations upon 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. 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, 2017, 2016 and 2015 were as follows (dollars in thousands):

	2017				2016				2015
	Shares		Cost		Shares		Cost		Shares		Cost
Treasury shares at beginning of period		43,392,617	$	911,094		43,207,240	$	907,045		42,818,585	$	899,035
Purchases pursuant to 2013 stock buyback program		5,503		109		8,488		183		8,618		180
Acquisitions pursuant to long-term incentive plan		404,491		7,508		176,889		3,866		380,037		7,830
Treasury shares at end of period		43,802,611	$	918,711		43,392,617	$	911,094		43,207,240	$	907,045