XML 55 R41.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share-based Compensation Plans Our share-based compensation plans at December 31, 2020 are as follows:

 

 

 

Shares

 

 

Shares Underlying

 

 

Shares

 

 

 

Authorized

 

 

Awards

 

 

Available

 

Plan Name

 

for Grant

 

 

Outstanding

 

 

for Grant

 

Amended and Restated Plan

 

 

28,400,000

 

 

 

6,634,513

 

 

 

4,986,392

 

Patterson-UTI Energy, Inc. 2005 Long-Term Incentive Plan, as amended

 

 

 

 

 

1,793,500

 

 

 

 

 

Stock Option Activity

Stock option activity for the year ended December 31, 2020 follows:

 

 

 

 

 

 

 

Weighted Average

 

 

 

Shares

 

 

Exercise Price Per Share

 

Outstanding at beginning of year

 

 

4,766,150

 

 

$

20.62

 

Exercised

 

 

 

 

$

 

Expired

 

 

(740,000

)

 

$

15.10

 

Outstanding at end of year

 

 

4,026,150

 

 

$

21.63

 

Exercisable at end of year

 

 

4,011,150

 

 

$

21.64

 

 

Additional Information with Respect to Options Granted, Vested and Exercised Additional information with respect to options granted, vested and exercised during the years ended December 31, 2020, 2019 and 2018 follows (in thousands, except per share data):

 

 

 

2020

 

 

2019

 

 

2018

 

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

 

 

$

543

 

 

$

1,954

 

Aggregate intrinsic value of stock options exercised

 

$

 

 

$

 

 

$

 

 

Restricted Stock Activity

Restricted stock activity for the year ended December 31, 2020 follows:

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

Grant Date Fair

 

 

 

Shares

 

 

Value Per Share

 

Non-vested restricted stock outstanding at beginning of year

 

 

72,051

 

 

$

21.59

 

Vested

 

 

(72,051

)

 

$

21.59

 

Forfeited

 

 

 

 

$

 

Non-vested restricted stock outstanding at end of year

 

 

 

 

$

 

 

Restricted Stock Unit Activity

Restricted stock unit activity for the year ended December 31, 2020 follows:

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

Time

 

 

Performance

 

 

Grant Date Fair

 

 

 

Based

 

 

Based

 

 

Value Per Share

 

Non-vested restricted stock units outstanding at beginning of year

 

 

2,631,726

 

 

 

397,315

 

 

$

15.81

 

Granted

 

 

1,691,246

 

 

 

 

 

$

4.25

 

Vested (1)

 

 

(1,285,658

)

 

 

(38,000

)

 

$

16.32

 

Forfeited

 

 

(295,766

)

 

 

 

 

$

13.39

 

Non-vested restricted stock units outstanding at end of year

 

 

2,741,548

 

 

 

359,315

 

 

$

9.52

 

 

 

 

(1)

All of the performance-based restricted stock units that vested during 2020 were granted in 2017.

Performance Units The total target number of shares with respect to the Performance Units for the years 2015-2020 is set forth below:

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

Target number of shares

 

 

500,500

 

 

 

489,800

 

 

 

310,700

 

 

 

186,198

 

 

 

185,000

 

 

 

190,600

 

Fair Value of Performance Units The fair value of the Performance Units is set forth below (in thousands):

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

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

 

$

826

 

 

$

9,958

 

 

$

8,004

 

 

$

5,780

 

 

$

3,854

 

 

$

4,052

 

Compensation Expense Associated with Performance Units Compensation expense associated with the Performance Units is set forth below (in thousands):

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

Year ended December 31, 2020

 

$

206

 

 

$

3,319

 

 

$

2,668

 

 

$

642

 

 

NA

 

 

NA

 

Year ended December 31, 2019

 

NA

 

 

$

2,489

 

 

$

2,668

 

 

$

1,927

 

 

$

321

 

 

NA

 

Year ended December 31, 2018

 

NA

 

 

NA

 

 

$

2,001

 

 

$

1,927

 

 

$

1,285

 

 

$

338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee Stock Option  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Additional Information with Respect to Non-vested Options Additional information as of December 31, 2020 with respect to these non-vested options follows (dollars in thousands):

 

Aggregate intrinsic value

 

$

 

Weighted-average remaining contractual term

 

5.71 years

 

Weighted-average remaining expected term

 

0.71 years

 

Weighted-average remaining vesting period

 

0.71 years

 

Unrecognized compensation cost

 

$

63

 

 

Restricted Stock Units (RSUs)  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Additional Information with Respect to Non-vested Shares Additional information as of December 31, 2020 with respect to these non-vested restricted stock units follows (dollars in thousands):

Aggregate intrinsic value

 

$

15,977

 

Weighted-average remaining vesting period

 

1.76 years

 

Unrecognized compensation cost

 

$

20,623