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Stockholders' Equity
 3 Months Ended
Sep. 30, 2014
Stockholders' Equity
(4) Stockholders’ Equity

Share Repurchase Program

In November 2013, the Company’s Board of Directors authorized a share repurchase program of $300 million of the Company’s outstanding common stock. The Company plans to repurchase 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 September 30, 2014, approximately $120 million remained available for repurchases under the current program. 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 retained earnings. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to retained earnings for the repurchases for the three months ended September 30, 2014 and 2013 were as follows:

 

     Three months ended  
     September 30,  
(In thousands)    2014      2013  

Shares purchased and retired

      1,218         3,806   

Common stock and additional paid-in-capital reductions

    $ 10,196       $ 29,940   

Charges to retained earnings

    $ 35,433       $ 72,376