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COMMON STOCK AND TREASURY STOCK
 9 Months Ended
Mar. 31, 2015
Equity [Abstract]  
COMMON STOCK AND TREASURY STOCK
COMMON STOCK AND TREASURY STOCK
As of March 31, 2015 and June 30, 2014, the authorized capital of the Company included 500,000,000 shares of common stock. As of March 31, 2015 and June 30, 2014, 87,968,963 and 88,179,448 shares of common stock were outstanding.

Treasury Stock Retirement
In February 2015, we retired 44,768,739 shares of the Company's treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired stock had a carrying value of $138.9 million. The Company’s policy upon the formal retirement of treasury stock is to reflect the excess over par value as a deduction from Additional Paid-in Capital.

Common Stock Repurchases
On May 29, 2014, the Company announced that its Board of Directors authorized the Company to repurchase up to $75.0 million of its common stock. The share repurchase program commenced June 2, 2014 and will expire after one year. The Company did not repurchase any shares of its common stock during the three months ended March 31, 2015. During the nine months ended March 31, 2015, the company repurchased 529,779 shares of its common stock at an average price per share of $28.29 for an aggregate amount of $15.0 million. As of March 31, 2015, the share repurchases under the repurchase program were funded from cash on hand. The Company has approximately $60.0 million remaining for common stock repurchases under the repurchase plan.

Dividend Policy
On September 30, 2014, the Company announced that its Board of Directors had approved an annual dividend policy. Pursuant to this dividend policy, the Company intends to pay an annual cash dividend to its shareholders of record on a record date and in an amount to be determined annually by the Board of Directors subject to the Company's financial position and other relevant factors. The Company declared its first annual dividend of $0.17 per share on September 30, 2014. The aggregate amount of $15.0 million was paid on October 28, 2014 to stockholders of record on October 17, 2014.