Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity

10. Stockholders’ Equity

Cash Dividends—The Company paid cash dividends during the six months ended June 30, 2013 and 2012 as follows:

2012:	Per Share		Total
			(in thousands)
Paid on March 30, 2012	$	0.05	$	7,788
Paid on June 29, 2012		0.05		7,650
Total cash dividends	$	0.10	$	15,438
2013:	Per Share		Total
			(in thousands)
Paid on March 29, 2013	$	0.05	$	7,312
Paid on June 28, 2013		0.05		7,361
Total cash dividends	$	0.10	$	14,673

On July 24, 2013, the Company’s Board of Directors approved a cash dividend on its common stock in the amount of $0.05 per share to be paid on September 30, 2013 to holders of record as of September 16, 2013. 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 credit facilities and other factors.

On July 25, 2012, the Company’s Board of Directors approved a stock buyback program authorizing purchases of up to $150 million of the Company’s common stock in open market or privately negotiated transactions. During the six months ended June 30, 2013, 10,762 shares were purchased under the stock buyback program at a cost of approximately $227,000. As of June 30, 2013, the Company has remaining authorization to purchase approximately $50.9 million of the Company’s outstanding common stock under the stock buyback program. Shares purchased under the buyback program are accounted for as treasury stock.

The Company acquired 947,926 shares of treasury stock from employees during the six months ended June 30, 2013. Certain of these shares were acquired to satisfy the exercise price in connection with the exercise of stock options by employees. The remainder of these shares were acquired to satisfy payroll tax withholding obligations upon the exercise of stock options, the settlement of performance unit awards and the vesting of restricted stock. The total fair market value of these shares was approximately $22.1 million. These shares were acquired pursuant to the terms of the Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan and not pursuant to the stock buyback program.

Accumulated other comprehensive income is composed solely of amounts related to foreign currency translation.