Cash Dividends — We paid cash dividends during the three months ended March 31, 2020 and 2019 as follows:

2020:	Per Share		Total
			(in thousands)
Paid on March 19, 2020	$	0.04	$	7,629

2019:	Per Share		Total
			(in thousands)
Paid on March 21, 2019	$	0.04	$	8,499

On April 22, 2020, our Board of Directors approved a cash dividend on our common stock in the amount of $0.02 per share to be paid on June 18, 2020 to holders of record as of June 4, 2020. 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 our debt agreements and other factors.

On September 6, 2013, our Board of Directors approved a stock buyback program that authorized purchases of up to $200 million of our common stock in open market or privately negotiated transactions. On July 25, 2018, our 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, our 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, our 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 March 31, 2020, we had remaining authorization to purchase approximately $130 million of our outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares.

We acquired shares of stock from employees during 2020 that are accounted for as treasury stock. These shares were acquired to satisfy the employees’ tax withholding obligations upon 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. Amended and Restated 2014 Long-Term Incentive Plan, as amended, and not pursuant to the stock buyback program.

Treasury stock acquisitions during the three months ended March 31, 2020 were as follows (dollars in thousands):

	Shares		Cost
Treasury shares at beginning of period		77,336,387	$	1,345,134
Purchases pursuant to stock buyback program		5,826,266		20,000
Acquisitions pursuant to long-term incentive plan		3,139		25
Treasury shares at end of period		83,165,792	$	1,365,159