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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2018
Equity [Abstract] |
Stockholders' Equity | 10. 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, 2018, 2017 and 2016 as follows:
|  | Per Share |  |  | Total |
|  |  |  |  |  | (in thousands) |
2018 |  |  |  |  |  |  |  |
Paid on March 22, 2018 |  | $ | 0.02 |  |  | $ | 4,443 |
Paid on June 21, 2018 |  |  | 0.04 |  |  |  | 8,832 |
Paid on September 20, 2018 |  |  | 0.04 |  |  |  | 8,685 |
Paid on December 20, 2018 |  |  | 0.04 |  |  |  | 8,629 |
Total cash dividends |  | $ | 0.14 |  |  | $ | 30,589 |
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 |
On February 6, 2019, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.04 per share to be paid on March 21, 2019 to holders of record as of March 7, 2019. 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 authorized purchases of up to $200 million of the Company’s common stock in open market or privately negotiated transactions. On July 25, 2018, the Company’s Board of Directors approved an increase of the authorization under the stock buyback program to allow for $250 million of future share repurchases. All purchases executed 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. There is no expiration date associated with the buyback program. As of December 31, 2018, the Company had remaining authorization to purchase approximately $150 million of the Company’s outstanding common stock under the stock buyback program. Shares of stock purchased under the plan are held as treasury shares. On February 6, 2019, the Company’s Board of Directors approved another increase of the authorization under the stock buyback program to allow for $250 million of share repurchases. The Company acquired shares of stock from directors during 2017 and 2016 and from employees during 2018, 2017, and 2016 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 and restricted stock units. 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, 2018, 2017 and 2016 were as follows (dollars in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |  |  | Shares |  |  | Cost |
Treasury shares at beginning of period |  |  | 43,802,611 |  |  | $ | 918,711 |  |  |  | 43,392,617 |  |  | $ | 911,094 |  |  |  | 43,207,240 |  |  | $ | 907,045 |
Purchases pursuant to stock buyback program |  |  | 9,331,131 |  |  |  | 150,497 |  |  |  | 5,503 |  |  |  | 109 |  |  |  | 8,488 |  |  |  | 183 |
Acquisitions pursuant to long-term incentive plan |  |  | 567,354 |  |  |  | 11,240 |  |  |  | 404,491 |  |  |  | 7,508 |  |  |  | 176,889 |  |  |  | 3,866 |
Treasury shares at end of period |  |  | 53,701,096 |  |  | $ | 1,080,448 |  |  |  | 43,802,611 |  |  | $ | 918,711 |  |  |  | 43,392,617 |  |  | $ | 911,094 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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