COMMON STOCK AND TREASURY STOCK

12 Months Ended

Jun. 30, 2016

Equity [Abstract]

COMMON STOCK AND TREASURY STOCK

COMMON STOCK AND TREASURY STOCK

As of June 30, 2016 and 2015, the authorized capital of the Company included 500,000,000 shares of common stock. As of June 30, 2016 and 2015, 81,667,129 and 87,413,777 shares of common stock were outstanding, respectively.

Treasury Stock Retirement

In February 2015, we retired 44,768,739 shares of the Company's treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired stock had a carrying value of $138.9 million. The Company’s policy upon the formal retirement of treasury stock is to reflect the excess over par value as a deduction from Additional Paid-in Capital until the balance is reduced to zero, then the Company records any additional excess directly to retained earnings.

Common Stock Repurchases

On August 4, 2015, the Board of Directors authorized the Company to repurchase up to $100.0 million of its common stock. All common stock repurchased by the Company is immediately retired, and is recorded consistent with the treasury stock policy discussed above. The share repurchase program has been funded from existing cash on hand in addition to draws on the revolving credit facility of the Amended Credit Agreement. In the first quarter of fiscal 2016, the company repurchased 1,872,469 shares of its common stock at an average price per share of $33.79 for an aggregate amount of $63.3 million. In the second quarter of fiscal 2016, the Company repurchased 1,074,749 shares of its common stock at an average price per share of $34.12 for an aggregate amount of $36.7 million. 

On November 3, 2015, the Board of Directors of the Company approved a $50 million stock repurchase program where the Company was authorized to $50 million of its common stock. During the third quarter of fiscal 2016, the Company repurchased 1,765,523 shares of its common stock at an average price per share of $28.30 for an aggregate amount of $50.0 million. 

On May 4, 2016, the Board of Directors of the Company approved a $50 million stock repurchase program. Under the stock repurchase program, the Company was authorized to repurchase up to $50 million of its common stock. During the fourth quarter of fiscal 2016, the Company repurchased 1,309,606 shares of its common stock at an average price per share of $38.18 for an aggregate amount of $50 million.  This included unpaid stock repurchases of $6.5 million relating to repurchases executed on or prior to June 30, 2016 for trades that settled after June 30, 2016.

On August 3, 2016, the Board of Directors of the Company approved a $50 million stock repurchase program. Under the new stock repurchase program, the Company may repurchase up to $50 million of its common stock. The program expires on September 30, 2017.

Dividend Distribution

On September 30, 2014, the Company announced that its Board of Directors had approved an annual dividend. The Company declared the dividend of $0.17 per share on September 30, 2014. The aggregate amount of $15.0 million was paid on October 28, 2014 to stockholders of record on October 17, 2014. The Company currently has no plans to pay a cash dividend at this time or at any time in the foreseeable future.