Shareholders' Equity

6 Months Ended

Dec. 31, 2014

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of December 31, 2014 and June 30, 2014, 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, 2014 and June 30, 2014, we had 98,943,119 and 98,408,042 shares issued; 30,319,785 and 30,319,785 shares in treasury stock and 68,623,334 and 68,088,257 shares outstanding (net of treasury stock), respectively.

Share Buy-Back Program

On October 28, 2014, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock over the next three years (the “2014 Buyback Program”). The 2014 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 during the authorized three year period. The 2014 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, other growth opportunities and other factors. There were no share repurchases during the three and six months ended December 31, 2014.

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, 2014 and 2013:

($ in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI			Retained Earnings			Treasury Stock			Total Harman International Industries, Incorporated Shareholders’ Equity			Non Controlling Interest			Total Equity
Balance, June 30, 2014	$	0	$	984	$	1,040,254		$	39,799		$	1,979,234		$	(1,267,693	)	$	1,792,578		$	443		$	1,793,021
Net income		0		0		0			0			199,208			0			199,208			(110	)		199,098
Other comprehensive income, net of tax									(6,189	)								(6,189	)		0			(6,189	)
Exercise of stock options		0		5		10,401			0			0			0			10,406			0			10,406
Repurchases related to share-based compensation arrangements		0		0		(21,924	)		0			0			0			(21,924	)		0			(21,924	)
Share-based compensation, net		0		0		18,770			0			0			0			18,770			0			18,770
Excess tax benefit from share-based compensation		0		0		3,401			0			0			0			3,401			0			3,401
Dividends ($0.66 per share)		0		0		0			0			(45,649	)		0			(45,649	)		0			(45,649	)
Balance, December 31, 2014	$	0	$	989	$	1,050,902		$	33,610		$	2,132,793		$	(1,267,693	)	$	1,950,601		$	333		$	1,950,934

($ in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI		Retained Earnings			Treasury Stock			Total Harman International Industries, Incorporated Shareholders’ Equity			Non Controlling Interest		Total Equity
Balance, June 30, 2013	$	0	$	970	$	971,748		$	21,800	$	1,827,267		$	(1,176,914	)	$	1,644,871		$	0	$	1,644,871
Net income		0		0		0			0		118,081			0			118,081			0		118,081
Other comprehensive income, net of tax									13,514								13,514					13,514
Treasury stock repurchases		0		0		0			0		0			(84,448	)		(84,448	)		0		(84,448	)
Exercise of stock options		0		10		25,865			0		0			0			25,875			0		25,875
Repurchases related to share-based compensation arrangements		0		0		(12,311	)		0		0			0			(12,311	)		0		(12,311	)
Share-based compensation, net		0		0		15,269			0		0			0			15,269			0		15,269
Excess tax benefit from share-based compensation		0		0		1,404			0		0			0			1,404			0		1,404
Dividends ($0.60 per share)		0		0		0			0		(41,326	)		0			(41,326	)		0		(41,326	)
Balance, December 31, 2013	$	0	$	980	$	1,001,975		$	35,314	$	1,904,022		$	(1,261,362	)	$	1,680,929		$	0	$	1,680,929