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Stockholders' Equity
 12 Months Ended
Jun. 30, 2014
Stockholders' Equity
(7) Stockholders’ Equity

Stock Repurchase Program

The Company previously announced the following stock repurchase programs for its common stock:

 

Date Authorized

   

Amount Authorized

     

Date Completed

May 2010

    $ 100,000,000       August 2010

August 2010

    $ 100,000,000       February 2011

March 2011

    $ 100,000,000       September 2011

August 2011

    $ 200,000,000       January 2013

February 2013

    $ 200,000,000       November 2013

November 2013

    $ 300,000,000       ongoing
  

 

 

     

Total:

    $ 1,000,000,000      

 

In November 2013, the Company completed its fifth share repurchase program, which authorized the repurchase of up to $200 million of the Company’s common stock. From July 2013 through November 2013, the Company repurchased $153 million worth of shares under this program. In November 2013, the Company’s Board of Directors authorized a sixth share repurchase program of $300 million of the Company’s outstanding common stock. The Company plans to repurchase the $300 million of its common stock from time to time or on an accelerated basis through open market transactions or privately negotiated transactions as determined by the Company’s management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. As of June 30, 2014, the Company has repurchased $134 million of shares under the current $300 million share repurchase authorization.

The Company uses the par value method of accounting for its stock repurchases. As a result of the stock repurchases, the Company reduced common stock and additional paid-in capital and recorded charges to accumulated deficit. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to accumulated deficit for the repurchases for periods ended June 30, 2014, 2013 and 2012 were as follows:

 

     Year ended June 30,  
(In thousands)    2014      2013      2012  

Shares purchased and retired

      10,373         5,632         5,688   

Common stock and additional paid-in-capital reductions

    $ 82,617       $ 42,679       $ 42,262   

Charges to retained earnings

    $ 205,086       $ 103,589       $ 86,205