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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Stockholders' Equity | 11. Stockholders’ Equity Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2019 and 2018 as follows:
2019: | Per Share |  |  | Total |
|  |  |  |  | (in thousands) |
Paid on March 21, 2019 | $ | 0.04 |  |  | $ | 8,499 |
Paid on June 20, 2019 |  | 0.04 |  |  |  | 8,344 |
Paid on September 19, 2019 |  | 0.04 |  |  |  | 7,847 |
Total cash dividends | $ | 0.12 |  |  |  | 24,690 |
2018: | Per Share |  |  | Total |
|  |  |  |  | (in thousands) |
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 |
Total cash dividends | $ | 0.10 |  |  | $ | 21,960 |
On October 23, 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 December 19, 2019 to holders of record as of December 5, 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. 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 future share repurchases. On July 24, 2019, the Company’s Board of Directors approved another 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 September 30, 2019, the Company had remaining authorization to purchase approximately $175 million of the Company’s outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares. The Company acquired shares of stock from employees during the first three quarters of 2019 that are accounted for as treasury stock. Certain of these shares were acquired to satisfy the exercise price and employees’ tax withholding obligation upon 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. Amended and Restated 2014 Long-Term Incentive Plan (the “2014 Plan”) and not pursuant to the stock buyback program. Treasury stock acquisitions during the nine months ended September 30, 2019 were as follows (dollars in thousands):
| Shares |  |  | Cost |
Treasury shares at beginning of period |  | 53,701,096 |  |  | $ | 1,080,448 |
Purchases pursuant to stock buyback program |  | 19,961,344 |  |  |  | 225,109 |
Acquisitions pursuant to long-term incentive plan |  | 1,015,617 |  |  |  | 14,014 |
Other |  | 31,013 |  |  |  | 371 |
Treasury shares at end of period |  | 74,709,070 |  |  | $ | 1,319,942 |
The reconciliation of changes in stockholders’ equity for the periods ended September 30, 2019 and 2018, are presented as follows (in thousands):
| For the nine months ended September 30, 2019 |
| Common Stock |  |  | Additional |  |  |  |  |  |  | Accumulated Other |  |  |  |  |  |  |  |  |  |  |
| Number of |  |  |  |  |  |  | Paid-in |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  |  |  |  |  |
| Shares |  |  | Amount |  |  | Capital |  |  | Earnings |  |  | Income (Loss) |  |  | Stock |  |  | Total |  |  |
Balance, December 31, 2018 |  | 267,316 |  |  | $ | 2,673 |  |  | $ | 2,827,154 |  |  | $ | 1,753,557 |  |  | $ | 2,487 |  |  | $ | (1,080,448 | ) |  | $ | 3,505,423 |  |  |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (28,614 | ) |  |  | — |  |  |  | — |  |  |  | (28,614 | ) |  |
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 944 |  |  |  | — |  |  |  | 944 |  |  |
Vesting of restricted stock units |  | 38 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Forfeitures of restricted stock |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 9,338 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,338 |  |  |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,499 | ) |  |  | — |  |  |  | — |  |  |  | (8,499 | ) |  |
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (110 | ) |  |  | — |  |  |  | — |  |  |  | (110 | ) |  |
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (75,113 | ) |  |  | (75,113 | ) |  |
Balance, March 31, 2019 |  | 267,353 |  |  | $ | 2,673 |  |  | $ | 2,836,492 |  |  | $ | 1,716,334 |  |  | $ | 3,431 |  |  | $ | (1,155,561 | ) |  | $ | 3,403,369 |  |  |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (49,447 | ) |  |  | — |  |  |  | — |  |  |  | (49,447 | ) |  |
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 848 |  |  |  | — |  |  |  | 848 |  |  |
Exercise of stock options |  | 700 |  |  |  | 7 |  |  |  | 9,212 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,219 |  |  |
Vesting of restricted stock units |  | 739 |  |  |  | 8 |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Forfeitures of restricted stock |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 11,050 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,050 |  |  |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,344 | ) |  |  | — |  |  |  | — |  |  |  | (8,344 | ) |  |
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (126 | ) |  |  | — |  |  |  | — |  |  |  | (126 | ) |  |
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (88,258 | ) |  |  | (88,258 | ) |  |
Balance, June 30, 2019 |  | 268,791 |  |  | $ | 2,688 |  |  | $ | 2,856,746 |  |  | $ | 1,658,417 |  |  | $ | 4,279 |  |  | $ | (1,243,819 | ) |  | $ | 3,278,311 |  |  |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (261,719 | ) |  |  | — |  |  |  | — |  |  |  | (261,719 | ) |  |
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 854 |  |  |  | — |  |  |  | 854 |  |  |
Vesting of restricted stock units |  | 433 |  |  |  | 4 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 9,670 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,670 |  |  |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,847 | ) |  |  | — |  |  |  | — |  |  |  | (7,847 | ) |  |
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (160 | ) |  |  | — |  |  |  | — |  |  |  | (160 | ) |  |
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (76,123 | ) |  |  | (76,123 | ) |  |
Balance, September 30, 2019 |  | 269,224 |  |  | $ | 2,692 |  |  | $ | 2,866,412 |  |  | $ | 1,388,691 |  |  | $ | 5,133 |  |  | $ | (1,319,942 | ) |  | $ | 2,942,986 |  |  |
| For the nine months ended September 30, 2018 |
| Common Stock |  |  | Additional |  |  |  |  |  |  | Accumulated Other |  |  |  |  |  |  |  |  |
| Number of |  |  |  |  |  |  | Paid-in |  |  | Retained |  |  | Comprehensive |  |  | Treasury |  |  |  |  |
| Shares |  |  | Amount |  |  | Capital |  |  | Earnings |  |  | Income (Loss) |  |  | Stock |  |  | Total |
Balance, December 31, 2017 |  | 266,259 |  |  | $ | 2,662 |  |  | $ | 2,785,823 |  |  | $ | 2,105,897 |  |  | $ | 6,822 |  |  | $ | (918,711 | ) |  | $ | 3,982,493 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (34,417 | ) |  |  | — |  |  |  | — |  |  |  | (34,417 | )
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,984 | ) |  |  | — |  |  |  | (1,984 | )
Exercise of stock options |  | 40 |  |  |  | 1 |  |  |  | 484 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 485 |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 9,365 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,365 |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,443 | ) |  |  | — |  |  |  | — |  |  |  | (4,443 | )
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | (30 | )
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16,928 | ) |  |  | (16,928 | )
Balance, March 31, 2018 |  | 266,299 |  |  | $ | 2,663 |  |  | $ | 2,795,672 |  |  | $ | 2,067,007 |  |  | $ | 4,838 |  |  | $ | (935,639 | ) |  | $ | 3,934,541 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,713 | ) |  |  | — |  |  |  | — |  |  |  | (10,713 | )
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,530 | ) |  |  | — |  |  |  | (1,530 | )
Issuance of common stock |  | 381 |  |  |  | 4 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vesting of restricted stock units |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeitures of restricted stock |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 9,907 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,907 |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,832 | ) |  |  | — |  |  |  | — |  |  |  | (8,832 | )
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (83 | ) |  |  | — |  |  |  | — |  |  |  | (83 | )
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (42,951 | ) |  |  | (42,951 | )
Balance, June 30, 2018 |  | 266,688 |  |  | $ | 2,667 |  |  | $ | 2,805,575 |  |  | $ | 2,047,379 |  |  | $ | 3,308 |  |  | $ | (978,590 | ) |  | $ | 3,880,339 |
Net loss |  | — |  |  |  | — |  |  |  | — |  |  |  | (75,042 | ) |  |  | — |  |  |  | — |  |  |  | (75,042 | )
Foreign currency translation adjustment |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,520 |  |  |  | — |  |  |  | 1,520 |
Vesting of restricted stock units |  | 406 |  |  |  | 4 |  |  |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeitures of restricted stock |  | (4 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation |  | — |  |  |  | — |  |  |  | 9,177 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,177 |
Payment of cash dividends |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,685 | ) |  |  | — |  |  |  | — |  |  |  | (8,685 | )
Dividend equivalents |  | — |  |  |  | — |  |  |  | — |  |  |  | (106 | ) |  |  | — |  |  |  | — |  |  |  | (106 | )
Purchase of treasury stock |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (51,776 | ) |  |  | (51,776 | )
Balance, September 30, 2018 |  | 267,090 |  |  | $ | 2,671 |  |  | $ | 2,814,748 |  |  | $ | 1,963,546 |  |  | $ | 4,828 |  |  | $ | (1,030,366 | ) |  | $ | 3,755,427 |

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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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