EQUITY AND EARNINGS PER SHARE

We have authorized 5 million shares of preferred stock at $0.01 par value. As of December 31, 2012 and June 30, 2012, we had no preferred shares issued and outstanding.

As of December 31, 2012 and June 30, 2012, we have authorized 150 million and 75 million shares of common stock with a $0.01 par value, respectively. As of December 31, 2012 and June 30, 2012, we had 58,103,066 and 60,147,007 shares issued and outstanding, respectively.

In December 2012, we increased the maximum number of shares available for awards under our 2010 Stock Incentive Plan from 2 million to 5 million shares.

We compute basic earnings per share by dividing net income for the period by the weighted average number of common shares outstanding during the period. We compute diluted earnings per share by dividing net income by the weighted average number of common shares plus the dilutive effect of outstanding stock options and restricted stock awards/units. The following table outlines the basic and diluted earnings per common share computations:



(in thousands, except per share data)	Three Months Ended				Six Months Ended
	December 31, 2012		December 31, 2011		December 31, 2012		December 31, 2011
Net income attributable to common stock	$	21,343	$	12,940	$	36,407	$	22,501
Weighted average number of shares outstanding, used in computing basic earnings per share	58,671		59,265		59,391		59,154
Dilutive common stock equivalents	968		984		1,021		1,010
Weighted average number of shares outstanding used in computing diluted earnings per share	59,639		60,249		60,412		60,164
Basic earnings per share	$0.36		$0.22		$0.61		$0.38
Diluted earnings per share	$0.36		$0.21		$0.60		$0.37
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share)	357		2,598		542		2,073

Share Repurchase Plan

In August 2012, our Board of Directors approved a share repurchase program (the "Program") authorizing the repurchase of up to $200 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. There is no set expiration date for the Program. The Program does not obligate us to acquire any particular dollar value or number of shares of common stock, and it can be modified, extended, suspended or discontinued at any time.

In September 2012, as part of the Program, we entered into an accelerated share repurchase agreement (the “Agreement”) to purchase shares of our common stock from J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”), for an aggregate purchase price of $50 million. Pursuant to the Agreement, on September 20, 2012, we paid $50 million to JPMorgan and received from JPMorgan 1,328,462 shares of our common stock, representing an estimated 80 percent of the shares to be repurchased by us under the Agreement based on a price of $30.11 per share, which was the closing price of the common stock on September 17, 2012. These repurchased shares have been cancelled and restored to the status of authorized and unissued shares. At Agreement maturity, in approximately five to six months after the date we entered into the Agreement, the final number of shares to be delivered to us by JPMorgan, net of the initial shares delivered, will be adjusted based on an agreed upon discount to the average of the daily volume weighted average price of the common stock during the term of the Agreement. If the number of shares to be delivered to us at maturity is less than the initial delivery of shares by JPMorgan, we would be required to remit shares or cash, at our option, to JPMorgan in an amount equivalent to such shortfall. If the number of shares to be delivered to us at maturity is greater than the initial delivery of shares by JPMorgan, JPMorgan would be required to remit shares to us in an amount equivalent to such difference. We recorded the $50 million payment to JPMorgan as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital.

In addition, during the six months ended December 31, 2012, we purchased 1,613,388 shares in the open market at fair value under the Program at an average price of $31.01 per share. As of December 31, 2012, approximately $100.0 million remained available under the Program for the purchase of additional shares.