Stockholders' Equity

9 Months Ended

Mar. 31, 2014

Stockholders' Equity

(4) Stockholders’ Equity

Share Repurchase Program

In November 2013, the Company’s Board of Directors authorized a share repurchase program of $300 million of the Company’s outstanding common stock. The Company plans to repurchase its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company’s management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of March 31, 2014, approximately $231.4 million remained available for repurchases under the current program. The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to retained earnings. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three and nine months ended March 31, 2014 and 2013 were as follows:

	Three months ended				Nine months ended
	March 31,				March 31,
(In thousands)	2014		2013		2014		2013
Shares purchased and retired		1,554		1,738		8,545		4,805
Common stock and additional paid-in-capital reductions	$	12,384	$	13,252	$	67,420	$	36,374
Charges to retained earnings	$	29,506	$	31,571	$	154,594	$	88,331