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Stock Repurchases, Dividends and Earnings per Share
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE
Available Shares
We currently have approximately 11.3 million shares of common stock reserved for future grants under the Republic Services, Inc. 2021 Stock Incentive Plan.
Stock Repurchases
In October 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective 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.
During both the three months ended March 31, 2024 and 2023, there were no shares repurchased and as of both March 31, 2024 and 2023, no repurchased shares pending settlement. As of March 31, 2024, the remaining authorized purchase capacity under our October 2023 repurchase program was $3.0 billion.
Dividends
In February 2024, our Board of Directors approved a quarterly dividend of $0.535 per share. Cash dividends declared were $168.5 million for the three months ended March 31, 2024. As of March 31, 2024, we recorded a quarterly dividend payable of $168.5 million to shareholders of record at the close of business on April 2, 2024.
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 months ended March 31, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):
Three Months Ended March 31,
 20242023
Basic earnings per share:
Net income attributable to Republic Services, Inc.$453,794 $383,852 
Weighted average common shares outstanding315,294 316,712 
Basic earnings per share$1.44 $1.21 
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$453,794 $383,852 
Weighted average common shares outstanding315,294 316,712 
Effect of dilutive securities:
Unvested RSU awards125 75 
Unvested PSU awards
274 355 
Weighted average common and common equivalent shares outstanding
315,693 317,142 
Diluted earnings per share$1.44 $1.21 
During the three months ended March 31, 2024 and 2023, there were no antidilutive securities outstanding and less than 0.1 million antidilutive securities outstanding, respectively.