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Stock Repurchases, Dividends and Earnings per Share
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Stock Repurchases, Dividends and Earnings per Share STOCK REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE
Available Shares
We currently have approximately 12.8 million shares of common stock reserved for future grants under the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan.
Stock Repurchases
Stock repurchase activity during the three and nine months ended September 30, 2019 and 2018 follows (in millions, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,  
2019201820192018
Number of shares repurchased1.7  1.4  4.3  8.5  
Amount paid $151.3  $100.9  $353.8  $574.9  
Weighted average cost per share$86.87  $71.83  $81.63  $67.84  
As of September 30, 2019, there were less than 0.1 million repurchased shares pending settlement, resulting in an associated $0.1 million of share repurchases unpaid and included within other accrued liabilities. As of September 30, 2018, there were no repurchased shares pending settlement.
In October 2017, our Board of Directors added $2.0 billion to the existing share repurchase authorization that now extends through December 31, 2020. 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. The share repurchase program may be extended, suspended or discontinued at any time. As of September 30, 2019, the remaining authorized purchase capacity under our October 2017 repurchase program was $750.3 million.
Dividends
In July 2019, our Board of Directors approved a quarterly dividend of $0.405 per share. Cash dividends declared were $370.2 million for the nine months ended September 30, 2019. As of September 30, 2019, we recorded a quarterly dividend payable of $129.3 million to shareholders of record at the close of business on October 1, 2019.
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 and PSUs) 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 nine months ended September 30, 2019 and 2018 are calculated as follows (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
 2019201820192018
Basic earnings per share:
Net income attributable to Republic Services, Inc.$298,300  $263,400  $784,000  $736,000  
Weighted average common shares outstanding320,633  325,483  321,544  327,830  
Basic earnings per share$0.93  $0.81  $2.44  $2.25  
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$298,300  $263,400  $784,000  $736,000  
Weighted average common shares outstanding320,633  325,483  321,544  327,830  
Effect of dilutive securities:
Options to purchase common stock368  673  437  799  
Unvested RSU awards276  263  248  241  
Unvested PSU awards
433  525  415  456  
Weighted average common and common equivalent shares outstanding
321,710  326,944  322,644  329,326  
Diluted earnings per share$0.93  $0.81  $2.43  $2.23  
There were no antidilutive securities outstanding during the three and nine months ended September 30, 2019 and 2018.