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Preferred and Common Stockholders' Equity
 6 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Preferred and Common Stockholders' Equity PREFERRED AND COMMON STOCKHOLDERS' 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 December 31, 2020, June 30, 2020, June 30, 2019, and June 30, 2018.
The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 75.4 million, 74.7 million, 73.5 million, and 70.6 million shares issued and outstanding at December 31, 2020, June 30, 2020, June 30, 2019, and June 30, 2018 respectively.
Common shares issued and outstanding
Transition Period Ended December 31,Years Ended June 30,
(in millions)2020202020192018
Beginning common stock issued and outstanding74.7 73.5 70.6 68.4 
Common stock issued upon exercise of options and employee stock plans
0.7 1.2 4.5 2.2 
Repurchase and retirement of common stock— — (1.6)— 
Ending common stock issued and outstanding75.4 74.7 73.5 70.6 

Stock Repurchase Program
In June 2016, the Company’s Board of Directors authorized a share repurchase program of $200.0 million of the Company’s outstanding common stock. The Company may 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 December 31, 2020, the Company has $110.7 million 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 Retained earnings (accumulated deficit).  During the fiscal year ended June 30, 2019 the Company used $50.0 million to repurchase shares of the Company’s stock as part of an accelerated share repurchase. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to Retained earnings (accumulated deficit) for the repurchases for periods ended December 31, 2020, June 30, 2020, June 30, 2019, and June 30, 2018 were as follows:
Transition Period Ended December 31,Years Ended June 30,
(in millions)2020202020192018
Shares purchased and retired— — 1.6 — 
Common stock and additional paid-in-capital reductions$— $— $16.9 $— 
Charges to retained earnings$— $— $33.1 $—