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Stock Repurchases, Dividends and Earnings per Share
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE
Available Shares
We currently have approximately 11.7 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. In October 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective starting January 1, 2024 and extending through December 31, 2026. 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 nine months ended September 30, 2023 and 2022 follows (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Number of shares repurchased1.3— 1.3 1.6
Amount paid $190.4 $— $190.4 $203.5 
Weighted average cost per share$146.89 $— $146.89 $124.02 
As of September 30, 2023, there were less than 0.1 million repurchased shares pending settlement, resulting in an associated $10.7 million of share repurchases unpaid and included within other accrued liabilities. As of September 30, 2022, there were no repurchased shares pending settlement. As of September 30, 2023, the remaining authorized purchase capacity under our October 2020 repurchase program was $1.4 billion.
Dividends
In July 2023, our Board of Directors approved a quarterly dividend of $0.535 per share. Cash dividends declared were $481.6 million for the nine months ended September 30, 2023. As of September 30, 2023, we recorded a quarterly dividend payable of $168.5 million to shareholders of record at the close of business on October 2, 2023.
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 nine months ended September 30, 2023 and 2022 are calculated as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Basic earnings per share:
Net income attributable to Republic Services, Inc.$480,169 $416,924 $1,291,419 $1,140,836 
Weighted average common shares outstanding316,062 316,506 316,541 316,527 
Basic earnings per share$1.52 $1.32 $4.08 $3.60 
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$480,169 $416,924 $1,291,419 $1,140,836 
Weighted average common shares outstanding316,062 316,506 316,541 316,527 
Effect of dilutive securities:
Unvested RSU awards112 144 96 161 
Unvested PSU awards
382 396 366 380 
Weighted average common and common equivalent shares outstanding
316,556 317,046 317,003 317,068 
Diluted earnings per share$1.52 $1.32 $4.07 $3.60 
During each of the three and nine months ended September 30, 2023 and 2022, there were less than 0.1 million antidilutive securities outstanding.