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COMMON STOCK
 12 Months Ended
Jun. 30, 2020
Equity [Abstract]  
COMMON STOCK COMMON STOCKAs of June 30, 2020, the Company’s authorized common stock consists of 1,300 million shares of Class A Common Stock, par value $.01 per share, and 304 million shares of Class B Common Stock, par value $.01 per share. Class B Common Stock is convertible into Class A Common Stock, in whole or in part, at any time and from time to time at the option of the holder, on the basis of one share of Class A Common Stock for each share of Class B Common Stock converted. Holders of the Company’s Class A Common Stock are entitled to one vote per share and holders of the Company’s Class B Common Stock are entitled to ten votes per share.
Information about the Company’s common stock outstanding is as follows:
(Shares in thousands)Class AClass B
Balance at June 30, 2017224,341.2 143,762.3 
Acquisition of treasury stock(6,045.4)— 
Conversion of Class B to Class A710.6 (710.6)
Stock-based compensation5,087.4 — 
Balance at June 30, 2018224,093.8 143,051.7 
Acquisition of treasury stock(10,986.7)— 
Conversion of Class B to Class A3,513.9 (3,513.9)
Stock-based compensation4,943.5 — 
Balance at June 30, 2019221,564.5 139,537.8 
Acquisition of treasury stock(4,665.0)— 
Conversion of Class B to Class A4,302.4 (4,302.4)
Stock-based compensation4,088.3 — 
Balance at June 30, 2020225,290.2 135,235.4 

The Company is authorized by the Board of Directors to repurchase Class A Common Stock in the open market or in privately negotiated transactions, depending on market conditions and other factors. As of June 30, 2020, the remaining authorized share repurchase balance was 34.7 million shares.

The following is a summary of cash dividends declared per share on the Company’s Class A and Class B Common Stock during the year ended June 30, 2020:
Date DeclaredRecord DatePayable DateAmount per Share
August 16, 2019August 30, 2019September 16, 2019$.43
October 30, 2019November 29, 2019December 16, 2019$.48
February 5, 2020February 28, 2020March 16, 2020$.48

As part of the cost saving actions and cash conservation measures taken in response to the COVID-19 pandemic, the Company did not declare quarterly cash dividends that would have been paid in June 2020. On August 19, 2020, a dividend was declared in the amount of $.48 per share on our Class A and Class B Common Stock. The dividend is payable in cash on September 15, 2020 to stockholders of record at the close of business on August 31, 2020