EQUITY AND EARNINGS PER SHARE

We have authorized five million shares of preferred stock at $0.01 par value. As of March 31, 2015 and June 30, 2014, 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, 2015 and June 30, 2014, respectively, we had 55,134,643 and 54,661,877 shares of common stock issued and outstanding.

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, 2015		March 31, 2014		March 31, 2015		March 31, 2014
Net income attributable to common stock	$	37,741	$	34,739	$	113,643	$	89,022
Weighted average number of shares outstanding, used in computing basic earnings per share	54,930		56,713		54,830		56,494
Dilutive common stock equivalents	908		960		939		992
Weighted average number of shares outstanding used in computing diluted earnings per share	55,838		57,673		55,769		57,486
Basic earnings per share	$	0.69	$	0.61	$	2.07	$	1.58
Diluted earnings per share	$	0.68	$	0.60	$	2.04	$	1.55
Anti-dilutive equity instruments (excluded from the calculation of diluted earnings per share)	940		798		723		439

Share Repurchase Plan

Fiscal Year 2014 Share Repurchase

On June 2, 2014, we announced that our Board of Directors approved a share repurchase program (the “2014 Program”) authorizing the repurchase of up to $150.0 million of our common stock to be financed with cash on hand, cash generated from operations, existing credit facilities, or new financing. On June 13, 2014, we entered into an agreement (the “2014 Agreement”) to purchase shares of our common stock from Goldman Sachs & Co. (“GS”), for an aggregate purchase price of $150.0 million pursuant to an accelerated share purchase program. Pursuant to the 2014 Agreement, in June 2014, we paid $150.0 million to GS and received from GS 2,284,844 shares of our common stock, representing 80% of the shares to be repurchased by us under the 2014 Agreement. The shares were repurchased at a price of $52.52 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on June 13, 2014. These shares were canceled and restored to the status of authorized and unissued shares. As of June 30, 2014, we recorded the $150.0 million payment to GS as a decrease to equity in our consolidated balance sheet, consisting of decreases in common stock and additional paid-in capital. As additional paid-in capital was reduced to zero, the remainder was applied as a reduction in retained earnings.

On October 31, 2014, we received 345,165 shares representing the final settlement of the 2014 Agreement and the 2014 Program was completed. Pursuant to the 2014 Program, we repurchased 2,630,009 shares of our common stock at an average price of $57.03 per share from June 2014 to October 2014.

Fiscal Year 2013 Share Repurchase

In August 2012, our Board of Directors approved a share repurchase program (the “2013 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 2013 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 2013 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 2013 Program was completed.