Shareholders' Equity

3 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of September 30, 2016 and June 30, 2016, 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, 2016 and June 30, 2016, we had 101,492,917 and 101,157,320 shares issued; 31,563,678 and 31,112,246 shares in treasury stock; and 69,929,239 and 70,045,074 shares outstanding (net of treasury stock), respectively.

Share Buyback 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. We have and may repurchase shares on the open market or, from time to time, through repurchase plans with one or more external brokers that provide a structure for execution of share repurchases under the 2014 Buyback Program. During the three months ended September 30, 2016 and 2015, we repurchased 451,432shares and 370,700, respectively, at a cost of $35.2 million and $37.1 million, respectively, for a total cumulative buyback of 2,083,180shares at a cost of $175.2 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 three months ended September 30, 2016 and 2015:

($ in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI			Retained Earnings			Treasury Stock			Total Equity
Balance, June 30, 2016	$	-	$	1,012	$	1,410,765		$	(77,241	)	$	2,490,570		$	(1,372,633	)	$	2,452,473
Net income		-		-		-			-			103,117			-			103,117
Other comprehensive    income, net of tax		-		-		-			(12,927	)		-			-			(12,927	)
Exercise of stock options		-		3		1,133			-			-			-			1,136
Repurchases related to    share-based    compensation    arrangements		-		-		(11,122	)		-			-			-			(11,122	)
Share-based    compensation, net		-		-		10,160			-			-			-			10,160
Excess tax benefit from    share-based    compensation		-		-		25,911			-			-			-			25,911
Treasury stock    repurchases		-		-		-			-			-			(35,164	)		(35,164	)
Dividends    ($0.35 per share)		-		-		-			-			(24,824	)		-			(24,824	)
Balance, September 30, 2016	$	-	$	1,015	$	1,436,847		$	(90,168	)	$	2,568,863		$	(1,407,797	)	$	2,508,760

($ 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	$	-	$	1,007	$	1,365,257		$	11,434		$	2,229,517		$	(1,232,602	)	$	2,374,613		$	18,213		$	2,392,826
Net income		-		-		-			-			87,099			-			87,099			418			87,517
Other comprehensive    income, net of tax		-		-		-			(43,693	)		-			-			(43,693	)		-			(43,693	)
Exercise of stock options		-		3		2,546			-			-			-			2,549			-			2,549
Repurchases related to    share-based    compensation    arrangements		-		-		(11,716	)		-			-			-			(11,716	)		-			(11,716	)
Share-based    compensation, net		-		-		8,392			-			-			-			8,392			-			8,392
Excess tax benefit from    share-based    compensation		-		-		1,882			-			-			-			1,882			-			1,882
Treasury stock repurchases		-		-		-			-			-			(37,097	)		(37,097	)		-			(37,097	)
Dividends    ($0.35 per share)		-		-		-			-			(25,152	)		-			(25,152	)		-			(25,152	)
Non-controlling interest		-		-		-			-			-			-			-			(3	)		(3	)
Balance, September 30,    2015	$	-	$	1,010	$	1,366,361		$	(32,259	)	$	2,291,464		$	(1,269,699	)	$	2,356,877		$	18,628		$	2,375,505