Shareholders' Equity

6 Months Ended

Dec. 31, 2013

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of December 31, 2013 and June 30, 2013, 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 December 31, 2013 and June 30, 2013, we had 98,006,017 and 97,044,572 shares issued; 30,261,508 and 28,992,092 shares in treasury stock and 67,744,509 and 68,052,480 shares outstanding (net of treasury stock), respectively.

Share Buy-Back Program

On October 26, 2011, 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. We entered into an agreement with an external broker that provided the structure under which the program was facilitated, which expired on October 25, 2012. The Buyback Program was set to expire on October 26, 2012, but on October 23, 2012 our Board of Directors approved an extension of the Buyback Program through October 25, 2013. On June 19, 2013 we entered into a new agreement with an external broker which expired on October 25, 2013 (the “10b5-1 Plan”). On June 26, 2013, our Board of Directors authorized the repurchase of up to an additional $200 million of our common stock (the “New Buyback Program”) which expires on June 26, 2014. On August 26, 2013 we amended the 10b5-1 Plan to incorporate both board authorizations up until each of their respective expiration dates (the “Amended 10b5-1 Plan”). The Amended 10b5-1 Plan expires on June 25, 2014. During the three and six months ended December 31, 2013, we repurchased 868,110 shares and 1,268,110 shares, respectively, at a cost of $58.1 million and $84.4 million, respectively, for a total cumulative buyback of 4,660,385 shares at a cost of $213.8 million under the Buyback Program and the New Buyback Program.

The New 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.

Changes in Equity:

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

	Preferred Stock		Common Stock		Additional Paid-in Capital		AOCI		Retained Earnings			Treasury Stock			Total Equity
Balance at June 30, 2013	$	0	$	970	$	971,748	$	21,800	$	1,827,267		$	(1,176,914	)	$	1,644,871
Net income		0		0		0		0		118,081			0			118,081
Other comprehensive income, net of tax		0		0		0		13,514		0			0			13,514
Treasury stock repurchases		0		0		0		0		0			(84,448	)		(84,448	)
Exercise of stock options, net of shares received		0		10		14,075		0		0			0			14,085
Share-based compensation, net of tax		0		0		16,152		0		0			0			16,152
Dividends ($1.20 per share)		0		0		0		0		(41,326	)		0			(41,326	)
Balance at December 31, 2013	$	0	$	980	$	1,001,975	$	35,314	$	1,904,022		$	(1,261,362	)	$	1,680,929

	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			102,044			0			102,044
Other comprehensive loss, net of tax		0		0		0		(1,267	)		0			0			(1,267	)
Treasury stock repurchases		0		0		0		0			0			(5,398	)		(5,398	)
Exercise of stock options, net of shares received		0		7		7,473		0			0			0			7,480
Share-based compensation, net of tax		0		0		7,621		0			0			0			7,621
Dividends ($0.60 per share)		0		0		0		0			(20,794	)		0			(20,794	)
Balance at December 31, 2012	$	0	$	968	$	959,065	$	28,442		$	1,807,736		$	(1,176,914	)	$	1,619,297