Cash Dividends — The Company paid cash dividends during the three months ended March 31, 2019 and 2018 as follows:

2019:	Per Share		Total
			(in thousands)
Paid on March 21, 2019	$	0.04	$	8,499

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
Paid on December 20, 2018		0.04		8,629
Total cash dividends	$	0.14	$	30,589

On April 24, 2019, 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 June 20, 2019 to holders of record as of June 6, 2019. 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 purchases 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. On February 6, 2019, the Company’s Board of Directors approved another increase of the authorization under the stock buyback program to allow for $250 million of 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 March 31, 2019, the Company had remaining authorization to purchase approximately $175 million of the Company’s outstanding common stock under the stock buyback program. Shares of stock purchased under the buyback program are held as treasury shares. The Company acquired shares of stock from employees during the first quarter that are accounted for as treasury stock. These shares were acquired to satisfy payroll withholding obligations upon the vesting of restricted shares and restricted stock units. These shares were acquired at fair market value. These acquisitions were made pursuant to the terms of the Patterson-UTI Energy, Inc. Amended and Restated 2014 Long-Term Incentive Plan (the “2014 Plan”) and not pursuant to the stock buyback program.

Treasury stock acquisitions during the three months ended March 31, 2019 were as follows (dollars in thousands):

	Shares		Cost
Treasury shares at beginning of period		53,701,096	$	1,080,448
Purchases pursuant to stock buyback program		5,408,132		75,110
Acquisitions pursuant to long-term incentive plan		240		3
Treasury shares at end of period		59,109,468	$	1,155,561