Equity and Earnings Per Share

3 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

EQUITY AND EARNINGS PER SHARE

We have authorized 5 million shares of preferred stock at $0.01 par value. As of both September 30, 2012 and June 30, 2012, we had no preferred shares issued and outstanding.

We have authorized 75 million shares of common stock with a $0.01 par value. As of September 30, 2012 and June 30, 2012, we had 59,145,307 and 60,147,007 shares issued and outstanding, respectively.

We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards/units. The following table outlines the basic and diluted earnings per common share computations:

(in thousands, except per share data)	Three Months Ended
	September 30, 2012		September 30, 2011
Net income attributable to common stock	$	15,064	$	9,561
Weighted average number of shares outstanding, used in computing basic earnings per share	60,111		59,044
Dilutive common stock equivalents	1,115		1,035
Weighted average number of shares outstanding used in computing diluted earnings per share	61,226		60,079
Basic earnings per share	$0.25		$0.16
Diluted earnings per share	$0.25		$0.16
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share)	470		1,577

Share Repurchase Plan

In August 2012, our Board of Directors approved a share repurchase program (the "Program") authorizing the repurchase of up to $200 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or other financing.  There is no set expiration date for the Program. The Program does not obligate us to acquire any particular amount of common stock, and it can be modified, extended, suspended or discontinued at any time. 

In September 2012, as part of the Program, we entered into an accelerated share repurchase agreement (the “Agreement”) to purchase shares of our common stock from J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”), for an aggregate purchase price of $50 million.  Pursuant to the Agreement, on September 20, 2012, we paid $50 million to JPMorgan and received from JPMorgan 1,328,462 shares of our common stock, representing an estimated 80 percent of the shares to be repurchased by us under the Agreement based on a price of $30.11 per share which was the closing price of the common stock on September 17, 2012. These repurchased shares have been cancelled and restored to the status of authorized and unissued shares. At Agreement maturity, in approximately six months, the final number of shares to be delivered to us by JPMorgan, net of the initial shares delivered, will be adjusted based on an agreed upon discount to the average of the daily volume weighted average price of the common stock during the term of the Agreement. If the number of shares to be delivered to us at maturity is less than the initial delivery of shares by JPMorgan, we would be required to remit shares or cash, at our option, to JPMorgan in an amount equivalent to such shortfall. We recorded the $50 million payment to JPMorgan as a decrease to equity in our consolidated balance sheet as of September 30, 2012, consisting of decreases in common stock and additional paid-in capital.

In addition, during the three months ended September 30, 2012, we purchased approximately 157,000 shares in the open market at fair value under the Program at an average price of $30.78 per share. As of September 30, 2012, approximately $145.2 million remained available under the Program for the purchase of additional shares.