Subsequent Events (Text Block)

6 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

Dividends

On February 17, 2015, the Company's Board of Directors declared a cash dividend of $0.25 per share on its common stock, payable on March 18, 2015 to shareholders of record on March 3, 2015.

Revolving credit facility

On February 20, 2015, the Company replaced its existing revolving credit facility with a new revolving credit facility. Outstanding balances under the previous revolving credit facility were repaid with proceeds from the new facility. The new facility has a borrowing limit of $300,000, which may be increased by the Company at any time until maturity to $600,000. The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% and (iii) the Eurocurrency Rate for a one month Interest Period on such day for dollars plus 1.00%, plus an applicable percentage in each case determined by the Company's leverage ratio. The new facility has a termination date of February 20, 2020.