Shareholders' Equity

6 Months Ended

Dec. 31, 2015

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of December 31, 2015 and June 30, 2015, 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, 2015 and June 30, 2015, we had 101,113,032 and 100,699,641 shares issued; 29,975,048 and 29,480,498 shares in treasury stock; and 71,137,984 and 71,219,143 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 a three year period (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. On June 18, 2015, we entered into a repurchase plan with an external broker that provides the structure under which the program will be facilitated. During the three and six months ended December 31, 2015, we repurchased 123,850 shares and 494,550 shares at a cost of $12.9 million and $50.0 million, respectively, for a total cumulative buyback of 494,550 shares at a cost of $50.0 million under the 2014 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 six months ended December 31, 2015 and 2014:

($ 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, 2015	$	0	$	1,007	$	1,365,257		$	11,434		$	2,229,517		$	(1,232,602	)	$	2,374,613		$	18,213		$	2,392,826
Net income		0		0		0			0			199,996			0			199,996			707			200,703
Other comprehensive income, net of tax									(45,245	)								(45,245	)		0			(45,245	)
Exercise of stock options		0		4		5,527			0			0			0			5,531			0			5,531
Repurchases related to share-based compensation arrangements		0		0		(11,861	)		0			0			0			(11,861	)		0			(11,861	)
Share-based compensation, net		0		0		20,941			0			0			0			20,941			0			20,941
Excess tax benefit from share-based compensation		0		0		1,958			0			0			0			1,958			0			1,958
Treasury Stock Repurchases		0		0		0			0			0			(50,009	)		(50,009	)		0			(50,009	)
Dividends ($0.35 per share)		0		0		0			0			(50,382	)		0			(50,382	)		0			(50,382	)
Acquisition of Non-Controlling Interest		0		0		0			0			0			0			0			(4	)		(4	)
Balance, December 31, 2015	$	0	$	1,011	$	1,381,822		$	(33,811	)	$	2,379,131		$	(1,282,611	)	$	2,445,542		$	18,916		$	2,464,458

($ 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 ($0.33 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