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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Compensation Plans | Our share-based compensation plans at December 31, 2021 are as follows:
|  | Shares |  |  | Shares Underlying |  |  | Shares |
|  | Authorized |  |  | Awards |  |  | Available |
Plan Name |  | for Grant |  |  | Outstanding |  |  | for Grant |
2021 Plan |  |  | 13,467,480 |  |  |  | 2,483,250 |  |  |  | 8,288,582 |
2014 Plan |  |  | — |  |  |  | 4,986,734 |  |  |  | — |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | — |  |  |  | 1,487,500 |  |  |  | — |
Stock Option Activity | Stock option activity for the year ended December 31, 2021 follows:
|  |  |  |  | Weighted Average |
|  | Shares |  |  | Exercise Price Per Share |
Outstanding at beginning of year |  |  | 4,026,150 |  |  | $ | 21.63 |
Exercised |  |  | — |  |  | $ | — |
Expired |  |  | (306,000 | ) |  | $ | 30.10 |
Outstanding at end of year |  |  | 3,720,150 |  |  | $ | 20.93 |
Exercisable at end of year |  |  | 3,720,150 |  |  | $ | 20.93 |
Additional Information with Respect to Non-vested Options | Additional information with respect to options granted, vested and exercised during the years ended December 31, 2021, 2020 and 2019 follows (in thousands, except per share data):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Weighted-average grant date fair value of stock options granted (per share) |  | NA |  |  | NA |  |  | NA |
Aggregate grant date fair value of stock options vested during the year |  | $ | 89 |  |  | $ | 89 |  |  | $ | 543 |
Aggregate intrinsic value of stock options exercised |  | $ | — |  |  | $ | — |  |  | $ | — |
Restricted Stock Activity | Restricted stock unit activity for the year ended December 31, 2021 follows:
|  |  |  |  |  |  |  | Weighted Average |
|  | Time |  |  | Performance |  |  | Grant Date Fair |
|  | Based |  |  | Based |  |  | Value Per Share |
Non-vested restricted stock units outstanding at beginning of year |  |  | 2,741,548 |  |  |  | 359,315 |  |  | $ | 9.52 |
Granted |  |  | 1,797,875 |  |  |  | — |  |  | $ | 8.32 |
Vested |  |  | (1,345,034 | ) |  |  | — |  |  | $ | 10.89 |
Forfeited |  |  | (149,670 | ) |  |  | — |  |  | $ | 10.33 |
Non-vested restricted stock units outstanding at end of year |  |  | 3,044,719 |  |  |  | 359,315 |  |  | $ | 8.31 |
Restricted Stock Unit Activity | Additional information as of December 31, 2021 with respect to these non-vested restricted stock units follows (dollars in thousands):
Aggregate intrinsic value |  | $ | 27,977 |
Weighted-average remaining vesting period |  | 1.66 years |
Unrecognized compensation cost |  | $ | 17,290 |
Performance Units | The total target number of shares with respect to the Performance Units for the years 2016-2021 is set forth below:
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  |  | 843,000 |  |  |  | 500,500 |  |  |  | 489,800 |  |  |  | 310,700 |  |  |  | 186,198 |  |  |  | 185,000 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | 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 |  | $ | 7,225 |  |  | $ | 826 |  |  | $ | 9,958 |  |  | $ | 8,004 |  |  | $ | 5,780 |  |  | $ | 3,854 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is set forth below (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Year ended December 31, 2021 |  | $ | 1,806 |  |  | $ | 275 |  |  | $ | 3,319 |  |  | $ | 667 |  |  | NA |  |  | NA |
Year ended December 31, 2020 |  | NA |  |  | $ | 206 |  |  | $ | 3,319 |  |  | $ | 2,668 |  |  | $ | 642 |  |  | NA |
Year ended December 31, 2019 |  | NA |  |  | NA |  |  | $ | 2,489 |  |  | $ | 2,668 |  |  | $ | 1,927 |  |  | $ | 321 |
As of December 31, 2021, we had unrecognized compensation cost of $6.6 million related to our unvested Performance Units. The weighted-average remaining vesting period for these unvested Performance Units was 1.44 years as of December 31, 2021.

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