STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE

Stock Repurchases

Stock repurchase activity during the three and six months ended June 30, 2018 and June 30, 2017 follows (in millions, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Number of shares repurchased	3.3		2.1		7.1		3.7
Amount paid	$	219.5	$	131.8	$	474.0	$	230.7
Weighted average cost per share	$	67.47	$	62.87	$	67.05	$	61.81

As of June 30, 2018 and 2017, 0.2 million and 0.1 million repurchased shares were pending settlement, respectively. Additionally, as of June 30, 2018 and 2017, $10.3 million and $6.6 million of share repurchases were unpaid and included within other accrued liabilities, respectively.

In October 2017, our board of directors added $2.0 billion to our existing share repurchase authorization that now extends through December 31, 2020. Before this, $98.4 million remained under a prior authorization. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the board of directors has approved the share purchase program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, and will depend upon market conditions and other factors. The program may be extended, suspended or discontinued at any time. As of June 30, 2018, the remaining authorized purchase capacity under our October 2017 repurchase program was $1.4 billion.

Dividends

In April 2018, our board of directors approved a quarterly dividend of $0.345 per share. Cash dividends declared were $225.7 million for the six months ended June 30, 2018. As of June 30, 2018, we recorded a quarterly dividend payable of $112.3 million to shareholders of record at the close of business on July 2, 2018.

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 six months ended June 30, 2018 and 2017 are calculated as follows (in thousands, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	234,900	$	202,900	$	472,600	$	390,700
Weighted average common shares outstanding	327,365		338,057		329,003		338,962
Basic earnings per share	$	0.72	$	0.60	$	1.44	$	1.15
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	234,900	$	202,900	$	472,600	$	390,700
Weighted average common shares outstanding	327,365		338,057		329,003		338,962
Effect of dilutive securities:
Options to purchase common stock	810		1,269		858		1,340
Unvested RSU awards	202		333		231		343
Unvested PSU awards	453		313		421		282
Weighted average common and common equivalent shares outstanding	328,830		339,972		330,513		340,927
Diluted earnings per share	$	0.71	$	0.60	$	1.43	$	1.15

There were no antidilutive securities during the three and six months ended June 30, 2018 and 2017.