10. Stockholders’ Equity

Cash Dividends — The Company paid cash dividends during the nine months ended September 30, 2018 and 2017 as follows:

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
	$	0.10	$	21,960

2017:	Per Share		Total
			(in thousands)
Paid on March 22, 2017	$	0.02	$	3,326
Paid on June 22, 2017		0.02		4,269
Paid on September 21, 2017		0.02		4,271
Total cash dividends	$	0.06	$	11,866

On October 24, 2018, 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 20, 2018 to holders of record as of December 6, 2018. 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 purchase 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. 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, 2018, the Company had remaining authorization to purchase approximately $200 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.

Treasury stock acquisitions during the nine months ended September 30, 2018 were as follows (dollars in thousands):

	Shares		Cost
Treasury shares at beginning of period		43,802,611	$	918,711
Purchases pursuant to stock buyback program		5,515,853		100,500
Acquisitions pursuant to long-term incentive plan (1)		561,807		11,155
Treasury shares at end of period		49,880,271	$	1,030,366

(1)

The Company withheld 561,807 shares in the nine months ended September 30, 2018 with respect to employees’ tax withholding obligations upon vesting of restricted shares. These shares were acquired at fair market value pursuant to the terms of the Patterson-UTI Energy, Inc. 2014 Long-Term Incentive Plan and not pursuant to the stock buyback program.