Shareholders' Equity

3 Months Ended

Sep. 30, 2012

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of September 30, 2012 and June 30, 2012, we had no shares of preferred stock outstanding. We are authorized to issue 5 million shares of preferred stock, $0.01 par value.

Common Stock

We have 200 million authorized shares of common stock, $0.01 par value. At September 30, 2012 and June 30, 2012, we had 96,789,278 and 96,132,542 shares issued; 28,976,192 and 28,846,226 shares in treasury stock and 67,813,086 and 67,286,316 shares outstanding (net of treasury stock), respectively.

Share Buy-Back Program

On October 26, 2011, we announced that our Board of Directors authorized the repurchase of up to $200 million of our common stock. This buyback program allows us to purchase shares of our common stock in accordance with applicable securities laws on the open market, or through privately negotiated transactions, through October 25, 2012. We will determine the timing and the amount of any repurchases based on an evaluation of market conditions, share price and other factors. We entered into an agreement with an external broker, which provides the structure under which the program may be facilitated which expires on October 25, 2012. This agreement and the buyback program may be suspended or discontinued at any time. During the three months ended September 30, 2012, we repurchased 129,966 shares at a cost of $4.8 million under the buyback program for a total of 3,376,375 shares and a cost of $128.8 million cumulatively, under the buyback program.

Changes in Equity:

The following is a summary of the changes in Accumulated Other Comprehensive Income (“AOCI”) and changes in equity for the three months ended September 30, 2012 and 2011:

	Preferred Stock		Common Stock		Additional Paid-in Capital		AOCI			Retained Earnings			Treasury Stock			Total Equity
Balance at June 30, 2012	$	0	$	961	$	943,971	$	29,709		$	1,726,486		$	(1,171,516	)	$	1,529,611
Net income		0		0		0		0			54,555			0			54,555
Comprehensive loss, net		0		0		0		(3,449	)		0			0			(3,449	)
Treasury stock repurchases		0		0		0		0			0			(4,809	)		(4,809	)
Exercise of stock options, net of shares received		0		7		4,126		0			0			0			4,133
Share-based compensation, net of tax		0		0		4,852		0			0			0			4,852
Dividends ($0.60 per share)		0		0		0		0			(10,443	)		0			(10,443	)
Balance at September 30, 2012	$	0	$	968	$	952,949	$	26,260		$	1,770,598		$	(1,176,325	)	$	1,574,450

	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI			Retained Earnings			Treasury Stock			Total Equity
Balance at June 30, 2011	$	0	$	956	$	915,433		$	136,733		$	1,418,106		$	(1,047,570	)	$	1,423,658
Net income		0		0		0			0			48,367			0			48,367
Comprehensive income (loss), net		0		0		0			(50,803	)					0			(50,803	)
Exercise of stock options, net of shares received		0		1		(1,288	)		0			0			0			(1,287	)
Share-based compensation, net of tax		0		0		2,525			0			0			0			2,525
Dividends ($0.30 per share)		0		0		0			0			(5,245	)		0			(5,245	)
Balance at September 30, 2011	$	0	$	957	$	916,670		$	85,930		$	1,461,228		$	(1,047,570	)	$	1,417,215

At September 30, 2012 and June 30, 2012, AOCI consisted of the following:

Income/(Loss):	September 30, 2012			June 30, 2012
Cumulative translation adjustment	$	55,100		$	45,894
Pension liability adjustment		(37,164	)		(38,447	)
Unrealized gain on hedging derivatives		12,249			26,296
Unrealized loss on available-for-sale securities		(3,925	)		(4,034	)
Total AOCI	$	26,260		$	29,709

We have approximately $1.9 million and $1.8 million of investments at September 30, 2012 and June 30, 2012, respectively, included in Other current assets in our Condensed Consolidated Balance Sheets that have been classified as available-for-sale securities. These securities are recorded at fair value with realized gains and losses recorded in income and unrealized gains and losses recorded in AOCI, net of taxes.