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Preferred and Common Stockholder's Equity
 12 Months Ended
Jun. 30, 2016
Equity [Abstract]  
Preferred and Common Stockholder's Equity
9. PREFERRED AND COMMON STOCKHOLDER’S EQUITY

The Company is authorized to issue up to 5.0 shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at June 30, 2016, 2015 and 2014.

The Company is authorized to issue up to 150.0 shares of common stock, par value $0.01 per share. There were 69.1, 68.9, and 73.5 shares issued and outstanding at June 30, 2016, 2015 and 2014 respectively.

Common shares issued and outstanding

 

    Years Ended June 30,  
    2016     2015      2014  

Common stock issued and outstanding at July 1

     68.9        73.5         80.6   

Common stock issued upon exercise of options and employee stock plans

     4.7        1.4         3.3   

Repurchase and retirement of common stock

     (4.5 )      (6.0 )       (10.4 ) 
 

 

 

    

 

 

     

 

 

  

Common stock issued and outstanding at June 30

     69.1        68.9         73.5   

 

Stock Repurchase Program

In June 2016, the Company’s Board of Directors authorized an eighth share repurchase program of $200.0 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 June 30, 2016, the Company has $192.3 remaining on its current 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, 2016, 2015 and 2014 were as follows:

 

     Year ended June 30,  
     2016      2015      2014  

Shares purchased and retired

      4.5         6.0         10.4   

Common stock and additional paid-in-capital reductions

    $ 41.2       $ 51.5       $ 82.5   

Charges to retained earnings

    $ 121.4       $ 159.2       $ 205.1