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Share Repurchase Programs
6 Months Ended
Dec. 31, 2012
Share Repurchase Programs [Abstract]  
Share Repurchase Programs
Share Repurchase Programs
$100 Million Share Repurchase Program
In September 2008, the Board approved a $100 million share repurchase program. All shares were purchased in the open market from time to time by the Company or through privately negotiated transactions. The purchases were made subject to market conditions and certain volume, pricing and timing restrictions to minimize the impact of the purchases upon the market. Repurchased shares of common stock became authorized but unissued shares, and may be issued in the future for general corporate and other purposes.
During the three months ended December 31, 2011, the Company purchased 28,137 shares at an average price of $54.09 per share, for a total of approximately $1.5 million. During the six months ended December 31, 2011, the Company purchased 271,837 shares at an average price of $55.38 per share, for a total of approximately $15.1 million. The $100 million share repurchase program concluded in October 2011.
$50 Million Share Repurchase Program
In September 2011, the Board approved a $50 million share repurchase program, effective upon completion of purchases under the Company’s $100 million share repurchase program. The purchases made under the $50 million share repurchase program will be subject to the same terms and conditions as purchases made under the $100 million share repurchase program. During the three and six months ended December 31, 2012, the Company purchased 97,496 shares at an average price of $50.82 per share, for a total of approximately $5.0 million. During the three and six months ended December 31, 2011, the Company purchased 35,663 shares at an average price of $54.58 per share, for a total of approximately $1.9 million.
As of December 31, 2012, under both share repurchase programs combined, the Company had purchased approximately 2.4 million shares of its common stock at an average cost per share of $46.84, and 45,000 stock options, for a total of approximately $110.8 million, bringing its total share count as of December 31, 2012 to 15,194,952 shares of common stock outstanding.