Equity and Earnings Per Share

9 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Equity and Earnings Per Share

EQUITY AND EARNINGS PER SHARE

We have authorized five million shares of preferred stock at $0.01 par value. As of March 31, 2014 and June 30, 2013, we had no shares of preferred stock issued and outstanding.

We have authorized 150 million shares of common stock at $0.01 par value. As of March 31, 2014 and June 30, 2013, we had 56,851,510 and 56,310,582 shares of common stock issued and outstanding, respectively.

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 and units. The following table outlines the basic and diluted earnings per share computations:

(in thousands, except per share data)	Three Months Ended				Nine Months Ended
	March 31, 2014		March 31, 2013		March 31, 2014		March 31, 2013
Net income attributable to common stock	$	34,739	$	29,524	$	89,022	$	65,931
Weighted average number of shares outstanding, used in computing basic earnings per share	56,713		58,024		56,494		58,942
Dilutive common stock equivalents	960		1,050		992		1,063
Weighted average number of shares outstanding used in computing diluted earnings per share	57,673		59,074		57,486		60,005
Basic earnings per share	$	0.61	$	0.51	$	1.58	$	1.12
Diluted earnings per share	$	0.60	$	0.50	$	1.55	$	1.10
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share)	798		717		439		396

Share Repurchase Plan

In August 2012, our Board of Directors approved a share repurchase program (the “Program”) authorizing the repurchase of up to $200.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing.  During the fiscal year ended June 30, 2013, we repurchased $197.6 million of our common stock. We repurchased the remaining $2.4 million of our common stock in July 2013. The Program repurchases were effected pursuant to two separate $50.0 million accelerated share repurchase agreements (“ASR Agreements”) and two separate $50.0 million open market agreements (“Open Market Agreements”) entered into in September 2012 and March 2013. Pursuant to the Program, we repurchased 5,458,285 shares of our common stock at an average price of $36.64 per share from September 2012 to July 2013. The buyback activity also resulted in a reduction of our stockholders’ equity of $200.0 million for the value of shares that we repurchased and retired.

In July 2013, we purchased 51,071 shares under our March 2013 Open Market Agreement and received 101,247 shares representing the final settlement of our March 2013 ASR Agreement. With the completion of our March 2013 Open Market Agreement and the final settlement of the March 2013 ASR Agreement, the Program was completed. No further share repurchases have been authorized by our Board of Directors as of the date of this Quarterly Report on Form 10-Q.