Stockholders' Equity

12 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

During the years ended June 30, 2014, 2013, and 2012, the Company issued 5.2 million, 7.3 million, and 11.9 million shares, respectively, of common stock as a result of the exercise of options and warrants and during the years ended June 30, 2014, 2013, and 2012, the Company issued 0.2 million, 2.6 million, and 0.1 million shares, respectively, of restricted common stock. During the year ended June 30, 2014, 0.7 million shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting.

On June 3, 2014, the Company announced a share repurchase program authorizing it to repurchase up to $4.0 million in shares of the Company's common stock. As part of that repurchase program, the Company entered into a pre-arranged stock repurchase plan that operates in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange. As of June 30, 2014 the Company had not made any purchases of its common stock pursuant to this repurchase program.

On March 11, 2014 the Company announced a share repurchase program authorizing it to repurchase up to $3 million of shares of the Company's common stock. As part of that repurchase program, the Company entered into a pre-arranged stock repurchase plan that operated in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. As of June 30, 2014, the Company had purchased 2.2 million shares of its common stock at an aggregate purchase price of $3 million under this repurchase program.

On November 1, 2013, the Company accepted for payment an aggregate of 16.3 million shares of its common stock at an aggregate purchase price of $40 million as a result of its modified Dutch auction tender offer (the "Tender Offer") that expired October 25, 2013. The Company incurred transaction costs of $0.3 million related to the Tender Offer. The Company entered into the Credit Facility to finance this repurchase. (see Note 6).

On March 22, 2013 the Company announced a share repurchase program authorizing it to repurchase up to $5 million of shares of the Company's common stock. As part of that repurchase program, the Company entered into a pre-arranged stock repurchase plan that operated in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. During July 2013, the Company repurchased 1.2 million shares under this repurchase authorization. As of June 30, 2014, the Company had purchased the full $5 million in shares authorized under this repurchase program.

The Company’s Articles of Incorporation authorize the issuance of preferred shares. However, as of June 30, 2014, none have been issued nor have any rights or preferences been assigned to the preferred shares by the Company’s Board of Directors.