EQUITY AND EARNINGS PER SHARE

We have authorized 5 million shares of preferred stock at $0.01 par value. As of September 30, 2016 and June 30, 2016, we had no shares of preferred stock issued and outstanding.

We have authorized 150.0 million shares of common stock at $0.01 par value. As of September 30, 2016 and June 30, 2016, respectively, we had 53.3 million and 52.9 million 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 common share computations:



(dollars in millions, except per share data)	Three Months Ended
	September 30, 2016		September 30, 2015
Net income attributable to common shares	$	37.8	$	24.9
Weighted average number of shares outstanding, used in computing basic earnings per share	52.9		55.0
Dilutive common stock equivalents	0.8		0.9
Weighted average shares used in computing diluted earnings per share	53.7		55.9
Basic earnings per share	$	0.71	$	0.45
Diluted earnings per share	$	0.70	$	0.45
Anti-dilutive options and restricted stock (excluded from the calculation of diluted earnings per share)	0.8		0.9

Share Repurchase Plan

Fiscal Year 2017 Share Repurchase

On October 26, 2016, we announced that our Board of Directors approved a share repurchase program (the “2017 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.

Fiscal Year 2016 Share Repurchase

On September 14, 2015, we announced that our Board of Directors approved a share repurchase program (the “2016 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. On September 15, 2015, we entered into an agreement (the “2016 Agreement”) to purchase shares of our common stock from Wells Fargo Bank, National Association (“WF”), for an aggregate purchase price of $200.0 million pursuant to an accelerated share purchase program. Pursuant to the 2016 Agreement, in September 2015, we paid $200.0 million to WF and received from WF 2.3 million shares of our common stock, representing 80% of the shares to be repurchased by us under the 2016 Agreement. The shares were repurchased at a price of $70.35 per share, which was the closing price of our common stock on the Nasdaq Global Select Market on September 16, 2015. These shares were canceled and restored to the status of authorized and unissued shares. As of September 30, 2016, we recorded the $200.0 million payment to WF 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 February 10, 2016 we received 0.9 million shares, representing the final settlement of the 2016 Agreement and the 2016 Program was completed. Pursuant to the 2016 Program, we repurchased 3.2 million shares of our common stock at an average price of $62.92 per share from September 2015 to February 2016.