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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-based Compensation Plans | Our share-based compensation plans at December 31, 2022 are as follows:
|  | Shares |  |  | Shares Underlying |  |  | Shares |
|  | Authorized |  |  | Awards |  |  | Available |
Plan Name |  | for Grant |  |  | Outstanding |  |  | for Grant |
2021 Plan |  |  | 13,467,480 |  |  |  | 3,851,825 |  |  |  | 3,689,156 |
2014 Plan |  |  | — |  |  |  | 3,588,486 |  |  |  | — |
Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended |  |  | — |  |  |  | 672,500 |  |  |  | — |
Stock Option Activity | Stock option activity for the year ended December 31, 2022 follows:
|  |  |  |  | Weighted Average |
|  | Shares |  |  | Exercise Price Per Share |
Outstanding at beginning of year |  |  | 3,720,150 |  |  | $ | 20.93 |
Exercised |  |  | (640,000 | ) |  | $ | 16.20 |
Expired |  |  | (175,000 | ) |  | $ | 17.37 |
Outstanding at end of year |  |  | 2,905,150 |  |  | $ | 22.19 |
Exercisable at end of year |  |  | 2,905,150 |  |  | $ | 22.19 |
Additional Information with Respect to Non-vested Options | Additional information with respect to options granted, vested and exercised during the years ended December 31, 2022, 2021 and 2020 follows (in thousands, except per share data):
|  | 2022 |  |  | 2021 |  |  | 2020 |
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 |
Aggregate intrinsic value of stock options exercised |  | $ | 410 |  |  | $ | — |  |  | $ | — |
Restricted Stock Activity | Restricted stock unit activity for the year ended December 31, 2022 follows:
|  |  |  |  |  |  |  | Weighted Average |
|  | Time |  |  | Performance |  |  | Grant Date Fair |
|  | Based |  |  | Based |  |  | Value Per Share |
Non-vested restricted stock units outstanding at beginning of year |  |  | 3,044,719 |  |  |  | 359,315 |  |  | $ | 8.31 |
Granted |  |  | 1,554,849 |  |  |  | — |  |  | $ | 17.37 |
Vested |  |  | (1,437,286 | ) |  |  | — |  |  | $ | 7.32 |
Forfeited |  |  | (71,436 | ) |  |  | — |  |  | $ | 13.15 |
Non-vested restricted stock units outstanding at end of year |  |  | 3,090,846 |  |  |  | 359,315 |  |  | $ | 12.71 |
Restricted Stock Unit Activity | Additional information as of December 31, 2022 with respect to these non-vested restricted stock units follows (dollars in thousands):
Aggregate intrinsic value |  | $ | 54,672 |
Weighted-average remaining vesting period |  | 1.40 years |
Unrecognized compensation cost |  | $ | 25,998 |
Performance Units | The total target number of shares with respect to the Performance Units for the years 2017-2022 is set forth below:
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  |  | 414,000 |  |  |  | 843,000 |  |  |  | 500,500 |  |  |  | 489,800 |  |  |  | 310,700 |  |  |  | 186,198 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | 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 |  | $ | 10,743 |  |  | $ | 7,225 |  |  | $ | 826 |  |  | $ | 9,958 |  |  | $ | 8,004 |  |  | $ | 5,780 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is set forth below (in thousands):
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
|  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
|  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Year ended December 31, 2022 |  | $ | 2,686 |  |  | $ | 2,408 |  |  | $ | 275 |  |  | $ | 830 |  |  | NA |  |  | NA |
Year ended December 31, 2021 |  | NA |  |  | $ | 1,806 |  |  | $ | 275 |  |  | $ | 3,319 |  |  | $ | 667 |  |  | NA |
Year ended December 31, 2020 |  | NA |  |  | NA |  |  | $ | 206 |  |  | $ | 3,319 |  |  | $ | 2,668 |  |  | $ | 642 |
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Options | The weighted-average fair value calculations for performance units granted during the years ended December 31, 2022, 2021 and 2020 were based on the following weighted-average assumptions set forth below:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Risk-free interest rate (1) |  |  | 2.9 | % |  |  | 0.4 | % |  |  | 0.4 | %
Expected stock volatility (2) |  |  | 86.5 | % |  |  | 83.2 | % |  |  | 66.2 | %
Expected dividend yield (3) |  |  | 1.0 | % |  |  | 1.3 | % |  |  | 7.7 | %
Expected term (in years) |  |  | 3 |  |  |  | 3 |  |  |  | 3 |
(1) The risk-free interest rate is based on U.S. Treasury securities for the expected term of the performance units. (2) Expected volatilities are based on the daily closing price of our stock based upon historical experience over a three-year period. (3) Expected dividend yield is based on the annualized dividend in effect on the measurement date and the stock price on the grant date.

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