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Stockholders' Equity
 6 Months Ended
Dec. 31, 2012
Stockholders' Equity

10. Stockholders’ Equity

Stock Repurchase Program

On November 3, 2011, the Board of Directors authorized a stock repurchase program allowing the Company to repurchase up to $50.0 million of outstanding shares of its common stock. The Company completed its repurchase program of $50.0 million during the first quarter of fiscal year 2013. The Company had repurchased an aggregate of 5,263,484 shares of its common stock at a weighted average price of $9.50 per share. Repurchases under this program took place in the open market and were made under a Rule 10b5-1 plan.

 

Retirement of Treasury Stock

For the six months ended, December 31, 2012, the Company retired 638,365 shares of treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired treasury stock was recorded using the cost method and had a carrying value of approximately $6.2 million at December 31, 2012. The Company’s accounting policy upon the retirement of treasury stock is to deduct its par value from common stock, reduce additional paid-in capital by the amount recorded in additional paid-in capital when the stock was originally issued and deduct any remaining excess of cost from retained earnings.