Repurchases Of Common Stock

12 Months Ended

Jun. 30, 2013

Repurchases Of Common Stock [Abstract]

Repurchases Of Common Stock

NOTE 13. Repurchases of Common Stock

     On November 2, 2010, the Company's board of directors authorized the repurchase of an additional $40 million of Common Stock under the terms of an existing $80 million common stock repurchase program and extended the term of the stock repurchase program from November 30, 2010 to November 30, 2012. On August 7, 2012, the Company's board of directors approved an extension of the stock repurchase program through November 30, 2014.

     For the fiscal year ended June 30, 2013, the Company purchased 332,894 shares of Common Stock on the open market under the stock repurchase program at an average price of $38.77 per share and at a cost of $12.9 million, including sales commissions. As of June 30, 2013, the Company had repurchased 4,362,095 shares of Common Stock on the open market under the stock repurchase program since its inception in November 2005, at an average price of $18.32 per share and at a cost of approximately $79.9 million, including sales commissions, leaving approximately $40.1 million available for additional repurchases under the program. The acquisition of these shares was accounted for under the treasury method.

     In connection with the vesting of 343,800 shares of outstanding market-based restricted stock granted in 2005, in March 2011 the Company withheld 121,908 shares of Common Stock at a fair market value of $28.08 per share, representing a cost of approximately $3.4 million, to satisfy minimum statutory tax withholding obligations resulting from such vesting. The acquisition of these shares by the Company was accounted for under the treasury method.