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Stock Repurchases, Dividends and Earnings per Share
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE
Available Shares
We currently have approximately 12.0 million shares of common stock reserved for future grants under the Republic Services, Inc. 2021 Stock Incentive Plan.
Stock Repurchases
In October 2020, our Board of Directors approved a $2.0 billion share repurchase authorization effective starting January 1, 2021 and extending through December 31, 2023. 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 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, at its discretion, and will depend upon market conditions and other factors. On a quarterly basis, our Board of Directors reviews the intrinsic value of our stock and the parameters around which we repurchase our shares. The share repurchase program may be extended, suspended or discontinued at any time.
Stock repurchase activity during the three and six months ended June 30, 2022 and 2021 follows (in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Number of shares repurchased—0.3 1.6 0.4 
Amount paid $— $27.4 $203.5 $40.1 
Weighted average cost per share$— $108.68 $124.02 $101.84 
As of June 30, 2022, no repurchased shares were pending settlement. As of June 30, 2021, 0.5 million repurchased shares were pending settlement. As of June 30, 2021, $52.1 million of share repurchases were unpaid and included within other accrued liabilities. As of June 30, 2022, the remaining authorized purchase capacity under our October 2020 repurchase program was $1.5 billion.
Dividends
In April 2022, our Board of Directors approved a quarterly dividend of $0.46 per share. Cash dividends declared were $290.6 million for the six months ended June 30, 2022. As of June 30, 2022, we recorded a quarterly dividend payable of $145.3 million to shareholders of record at the close of business on July 1, 2022.
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 restricted stock units and performance stock units) 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 unvested restricted stock units (RSUs) and the unvested performance stock units (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, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Basic earnings per share:
Net income attributable to Republic Services, Inc.$371,888 $331,065 $723,912 $627,009 
Weighted average common shares outstanding316,473 319,526 316,538 319,487 
Basic earnings per share$1.18 $1.04 $2.29 $1.96 
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$371,888 $331,065 $723,912 $627,009 
Weighted average common shares outstanding316,473 319,526 316,538 319,487 
Effect of dilutive securities:
Unvested RSU awards126 232 170 187 
Unvested PSU awards
361 283 372 263 
Weighted average common and common equivalent shares outstanding
316,960 320,041 317,079 319,937 
Diluted earnings per share$1.17 $1.03 $2.28 $1.96 
During each of the three and six months ended June 30, 2022 and 2021, there were less than 0.1 million antidilutive securities outstanding.