v3.24.2
Stock Repurchases, Dividends and Earnings per Share
 6 Months Ended
Jun. 30, 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 parameters around which we repurchase our shares. The share repurchase program may be extended, suspended or discontinued at any time.
Stock repurchase activity during three and six months ended June 30, 2024 and 2023 follows (in millions, except per share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
 2024202320242023
Number of shares repurchased0.9 — 0.9 — 
Amount paid
$167.6 $— $167.6 $— 
Weighted average cost per share$186.24 $— $186.24 $— 
The average price paid per share, total repurchase costs and approximate maximum dollar value of the shares that may yet be purchased under the plans or programs exclude a 1% excise tax.
As of June 30, 2024 and 2023, no repurchased shares were pending settlement. As of June 30, 2024, the remaining authorized purchase capacity under our October 2023 repurchase program was $2.8 billion.
Dividends
In April 2024, our Board of Directors approved a quarterly dividend of $0.535 per share. Cash dividends declared were $336.5 million for the six months ended June 30, 2024. As of June 30, 2024, we recorded a quarterly dividend payable of $168.0 million to shareholders of record at the close of business on July 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 and six months ended June 30, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):
Three Months Ended June 30,
Six Months Ended June 30,
 2024202320242023
Basic earnings per share:
Net income attributable to Republic Services, Inc.$511,536 $427,398 $965,330 $811,250 
Weighted average common shares outstanding314,910 316,849 $315,102 $316,781 
Basic earnings per share$1.62 $1.35 $3.06 $2.56 
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$511,536 $427,398 $965,330 $811,250 
Weighted average common shares outstanding314,910 316,849 315,102 316,781 
Effect of dilutive securities:
Unvested RSU awards115 101 120 88 
Unvested PSU awards
211 359 316 357 
Weighted average common and common equivalent shares outstanding
315,236 317,309 315,538 317,226 
Diluted earnings per share$1.62 $1.35 $3.06 $2.56 
During the three and six months ended June 30, 2024 there were no antidilutive securities outstanding. During the three and six months ended June 30, 2023 there were less than 0.1 million antidilutive securities outstanding.