v3.5.0.2
Stock Repurchases, Dividends and Earnings per Share
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Stock Repurchases, Dividends and Earnings per Share
STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE
Stock Repurchases
Stock repurchase activity during the nine months ended September 30, 2016 and 2015 follows (in millions except per share amounts):
 
Three Months Ended September 30,
Nine Months Ended September 30,
 
2016
 
2015
2016
 
2015
Number of shares repurchased
2.2

 
2.3

6.5

 
7.3

Amount paid
$
110.5

 
$
93.8

$
306.6

 
$
293.3

Weighted average cost per share
$
50.75

 
$
40.89

$
47.83

 
$
40.66


As of September 30, 2016 and 2015, 0.2 million and 0.1 million repurchased shares were pending settlement and $9.1 million and $5.3 million were unpaid and included within other accrued liabilities, respectively.
Dividends
In July 2016, our board of directors approved a quarterly dividend of $0.32 per share. Cash dividends declared were $315.2 million for the nine months ended September 30, 2016. As of September 30, 2016, we recorded a quarterly dividend payable of $109.0 million to shareholders of record at the close of business on October 3, 2016.
Earnings per Share
Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc. by the weighted average number of common shares (including vested but unissued RSUs) outstanding during the period. Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the assumed exercise of employee stock options, unvested RSUs, and unvested PSUs at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share.
Earnings per share for the three and nine months ended September 30, 2016 and 2015 are calculated as follows (in thousands, except per share amounts):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Basic earnings per share:
 
 
 
 
 
 
 
Net income attributable to Republic Services, Inc.
$
85,600

 
$
215,000

 
$
423,100

 
$
577,700

Weighted average common shares outstanding
342,611

 
348,935

 
343,968

 
350,966

Basic earnings per share
$
0.25

 
$
0.62

 
$
1.23

 
$
1.65

Diluted earnings per share:
 
 
 
 
 
 
 
Net income attributable to Republic Services, Inc.
$
85,600

 
$
215,000

 
$
423,100

 
$
577,700

Weighted average common shares outstanding
342,611

 
348,935

 
343,968

 
350,966

Effect of dilutive securities:
 
 
 
 
 
 

Options to purchase common stock
1,040

 
1,196

 
1,097

 
1,271

Unvested RSU awards
204

 
136

 
172

 
127

Unvested PSU awards
125

 
14

 
82

 
8

Weighted average common and common equivalent shares outstanding
343,980

 
350,281

 
345,319

 
352,372

Diluted earnings per share
$
0.25

 
$
0.61

 
$
1.23

 
$
1.64

Antidilutive securities not included in the diluted earnings per share calculations:
 
 
 
 
 
 
 
Options to purchase common stock
—

 
9

 
—

 
14