Preferred and Common Stockholder's Equity

9 Months Ended

Mar. 31, 2016

Equity [Abstract]

Preferred and Common Stockholder's Equity

(9) PREFERRED AND COMMON STOCKHOLDER’S EQUITY

The Company is authorized to issue up to 5.0 shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at March 31, 2016.

The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 70.4 shares issued and outstanding at March 31, 2016.

Common shares issued and outstanding

	Nine months ended March 31,
	2016			2015
Common stock issued and outstanding at July 1		68.9			73.5
Common stock issued upon exercise of options and employee stock plans		4.4			1.2
Repurchase and retirement of common stock		(2.9	)		(4.7	)
Common stock issued and outstanding at March 31		70.4			70.0

Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding.

The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations:

	Three months ended March 31,				Nine months ended March 31,
	2016		2015		2016		2015
Denominator:
Weighted-average shares outstanding used to compute basic EPS		70.9		70.7		70.1		72.0
Effect of dilutive shares		2.6		3.2		3.1		3.1
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS		73.5		73.9		73.2		75.1

Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive common shares, which may be dilutive to future diluted earnings per share, are as follows:

	Three months ended March 31,				Nine months ended March 31,
	2016		2015		2016		2015
Anti-dilutive options and RSU’s excluded from EPS computation		0.1		0.1		—		—

Stock Repurchase Program

In February 2015, the Company’s Board of Directors authorized a seventh share repurchase program of $200.0 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, 2016, the Company has $47.0 remaining on its current share repurchase authorization.

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 accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended March 31, 2016 and 2015 were as follows:

	Three months ended March 31,				Nine months ended March 31,
	2016		2015		2016		2015
Shares purchased and retired		1.2		1.8		2.9		4.7
Common stock and additional paid-in-capital reductions	$	11.2	$	15.2	$	26.0	$	40.2
Charges to retained earnings	$	33.3	$	46.8	$	81.9	$	125.8