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Preferred and Common Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Preferred and Common Stockholders' Equity PREFERRED AND COMMON STOCKHOLDERS' EQUITY
The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no preferred shares outstanding at December 31, 2021 and December 31, 2020.
The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 80.0 million and 75.4 million shares issued and outstanding at December 31, 2021 and 2020, respectively.
Common shares issued and outstanding
Year Ended December 31,Six-month Transition Period Ended December 31,Years Ended June 30,
(in millions)2021202020202019
Beginning common stock issued and outstanding75.4 74.7 73.5 70.6 
Common stock issued upon exercise of options and employee stock plans4.6 0.7 1.2 4.5 
Repurchase and retirement of common stock— — — (1.6)
Ending common stock issued and outstanding80.0 75.4 74.7 73.5 

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, 2021, 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 year ended June 30, 2019, the Company used $50.0 million to repurchase shares of the Company’s common stock as part of an accelerated share repurchase. The shares retired, aggregate common stock and additional paid-in capital reductions, and related charges to Retained earnings (accumulated deficit) for the repurchases for periods ended December 31, 2021, December 31, 2020, June 30, 2020, and June 30, 2019 were as follows:
Year Ended December 31,Six-month Transition Period Ended December 31,Years Ended June 30,
(in millions)2021202020202019
Shares purchased and retired— — — 1.6 
Common stock and additional paid-in-capital reductions$— $— $— $16.9 
Charges to retained earnings$— $— $— $33.1