Shareholders' Equity

9 Months Ended

Mar. 31, 2013

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of March 31, 2013 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 March 31, 2013 and June 30, 2012, we had 96,949,433 and 96,132,542 shares issued; 28,992,092 and 28,846,226 shares in treasury stock and 67,957,341 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 (the “Buyback Program”). The 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 entered into an agreement with an external broker, which provided the structure under which the program may be facilitated which expired on October 25, 2012. On October 23, 2012, the Board of Directors approved an extension of the Buyback Program through October 25, 2013. The Buyback Program may be suspended or discontinued at any time. We will determine the timing and the amount of any repurchases based on an evaluation of market conditions, share price and other factors. During the three months ended March 31, 2013, we did not repurchase any shares. During the nine months ended March 31, 2013, we repurchased 145,866 shares at a cost of $5.4 million under the Buyback Program for a total buyback of 3,392,275 shares at a cost of $129.3 million.

Changes in Equity:

The following is a summary of the changes in Accumulated Other Comprehensive Income (“AOCI”) and changes in equity for the nine months ended March 31, 2013 and 2012:

	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			136,917			0			136,917
Comprehensive loss, net		0		0		0		(8,636	)		0			0			(8,636	)
Treasury stock repurchases		0		0		0		0			0			(5,398	)		(5,398	)
Exercise of stock options, net of shares received		0		8		10,314		0			0			0			10,322
Share-based compensation, net of tax		0		0		8,117		0			0			0			8,117
Dividends ($0.60 per share)		0		0		0		0			(30,984	)		0			(30,984	)
Balance at March 31, 2013	$	0	$	969	$	962,402	$	21,073		$	1,832,419		$	(1,176,914	)	$	1,639,949
	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			280,278			0			280,278
Comprehensive loss, net		0		0		0		(54,284	)		0			0			(54,284	)
Exercise of stock options, net of shares received		0		5		8,838		0			0			0			8,843
Share-based compensation, net of taxes		0		0		13,080		0			0			0			13,080
Dividends ($0.30 per share)		0		0		0		0			(15,858	)		0			(15,858	)
Balance at March 31, 2012	$	0	$	961	$	937,351	$	82,449		$	1,682,526		$	(1,047,570	)	$	1,655,717

At March 31, 2013 and June 30, 2012, AOCI consisted of the following:

Income/(Loss):	March 31, 2013			June 30, 2012
Cumulative translation adjustment	$	48,687		$	45,894
Pension liability adjustment		(35,157	)		(38,447	)
Unrealized gains on hedging derivatives		11,342			26,296
Unrealized losses on available-for-sale securities		(3,799	)		(4,034	)
Total AOCI	$	21,073		$	29,709

We have approximately $2.0 million and $1.8 million of investments at March 31, 2013 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.