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Share Repurchase Programs
3 Months Ended
Sep. 30, 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 are purchased in the open market from time to time by the Company or through privately negotiated transactions. The purchases are 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 become authorized but unissued shares, and may be issued in the future for general corporate and other purposes.
During the three months ended September 30, 2011, the Company purchased 243,700 shares at an average price of $55.53 per share, for a total of approximately $13.5 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. No shares were repurchased during the three months ended September 30, 2012.
In total, under both share repurchase programs combined, as of September 30, 2012, the Company had purchased approximately 2.3 million shares of its common stock at an average cost per share of $46.67, and 45,000 stock options, for a total of approximately $105.8 million, bringing its total share count as of September 30, 2012 to 15,292,448 shares of common stock outstanding.