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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
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, 2018 are as follows:
|  | Shares |  |  | Shares Underlying |  |  | Shares |
|  | Authorized |  |  | Awards |  |  | Available |
Plan Name |  | for Grant |  |  | Outstanding |  |  | for Grant |
Amended and Restated Plan |  |  | 18,900,000 |  |  |  | 6,203,695 |  |  |  | 2,471,800 |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | — |  |  |  | 3,268,500 |  |  |  | — |
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 year ended December 31, 2016 is as follows:
|  | 2016 |  |
Volatility |  |  | 35.11 | % |
Expected term (in years) |  |  | 5.00 |  |
Dividend yield |  |  | 2.05 | % |
Risk-free interest rate |  |  | 1.40 | % |
Stock Option Activity | Stock option activity for the year ended December 31, 2018 follows:
|  |  |  |  |  | Weighted-average |
|  | Shares |  |  | exercise price |
Outstanding at beginning of year |  |  | 6,037,150 |  |  | $ | 20.35 |
Exercised |  |  | (40,000 | ) |  | $ | 12.12 |
Expired |  |  | (496,000 | ) |  | $ | 29.01 |
Outstanding at end of year |  |  | 5,501,150 |  |  | $ | 19.63 |
Exercisable at end of year |  |  | 5,362,269 |  |  | $ | 19.66 |
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, 2018, 2017 and 2016 follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Weighted-average grant date fair value of stock options granted (per share) |  | NA |  |  | NA |  |  | $ | 4.90 |
Aggregate grant date fair value of stock options vested during the year (in thousands) |  | $ | 1,954 |  |  | $ | 4,565 |  |  | $ | 4,729 |
Aggregate intrinsic value of stock options exercised (in thousands) |  | $ | — |  |  | $ | 209 |  |  | $ | 366 |
Restricted Stock Activity | Restricted stock activity for the year ended December 31, 2018 follows:
|  |  |  |  |  | Weighted- |
|  |  |  |  |  | average Grant |
|  | Shares |  |  | Date Fair Value |
Non-vested restricted stock outstanding at beginning of year |  |  | 1,530,338 |  |  | $ | 21.41 |
Vested |  |  | (1,085,743 | ) |  | $ | 21.41 |
Forfeited |  |  | (8,371 | ) |  | $ | 21.60 |
Non-vested restricted stock outstanding at end of year |  |  | 436,224 |  |  | $ | 21.41 |
Restricted Stock Unit Activity | Restricted stock unit activity for the year ended December 31, 2018 follows:
|  |  |  |  |  |  |  |  |  | Weighted-average |
|  | Time |  |  | Performance |  |  | Grant Date Fair |
|  | Based |  |  | Based |  |  | Value |
Non-vested restricted stock units outstanding at beginning of year |  |  | 1,223,273 |  |  |  | 114,000 |  |  | $ | 19.80 |
Granted |  |  | 1,726,865 |  |  |  | — |  |  | $ | 19.15 |
Granted in connection with acquisitions |  |  | 204,222 |  |  |  | 359,315 |  |  | $ | 16.99 |
Vested (1) |  |  | (413,858 | ) |  |  | (38,000 | ) |  | $ | 19.65 |
Forfeited |  |  | (137,894 | ) |  |  | — |  |  | $ | 19.43 |
Non-vested restricted stock units outstanding at end of year |  |  | 2,602,608 |  |  |  | 435,315 |  |  | $ | 18.95 |
(1) | All of the performance-based restricted stock units that vested during 2018 were granted in 2017.
Performance Units | The total target number of shares with respect to the Performance Units for the years 2013-2018 is set forth below:
|  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  |  | 310,700 |  |  |  | 186,198 |  |  |  | 185,000 |  |  |  | 190,600 |  |  |  | 154,000 |  |  |  | 236,500 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
|  | 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 |  | $ | 8,004 |  |  | $ | 5,780 |  |  | $ | 3,854 |  |  | $ | 4,052 |  |  | $ | 5,388 |  |  | $ | 5,564 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is set forth below (in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Year ended December 31, 2018 |  | $ | 2,001 |  |  | $ | 1,927 |  |  | $ | 1,285 |  |  | $ | 338 |  |  | NA |  |  | NA |
Year ended December 31, 2017 |  | NA |  |  | $ | 1,284 |  |  | $ | 1,285 |  |  | $ | 1,351 |  |  | $ | 449 |  |  | NA |
Year ended December 31, 2016 |  | NA |  |  | NA |  |  | $ | 963 |  |  | $ | 1,351 |  |  | $ | 1,796 |  |  | $ | 464 |
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, 2018 with respect to these non-vested options follows:
Aggregate intrinsic value |  | $ | — |
Weighted-average remaining contractual term |  | 7.45 years |
Weighted-average remaining expected term |  | 2.45 years |
Weighted-average remaining vesting period |  | 1.09 years |
Unrecognized compensation cost (in thousands) |  | $ | 673 |
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, 2018 with respect to these non-vested shares follows:
Aggregate intrinsic value |  | $4.4 million
Weighted-average remaining vesting period |  | 1 year
Unrecognized compensation cost |  | $6.9 million
Restricted Stock Units (RSUs) |
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, 2018 with respect to these non-vested restricted stock units follows:
Aggregate intrinsic value |  | $29.7 million
Weighted-average remaining vesting period |  | 2.3 year
Unrecognized compensation cost |  | $44.2 million

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