EQUITY AND EARNINGS PER SHARE ("EPS") (Notes)

12 Months Ended

Dec. 31, 2019

Notes To Financial Statements [Abstract]

Equity and Earnings Per Share

As of December 31, 2019, there were 136 million shares of common stock issued of which 131 million shares were outstanding; the remaining 5 million shares of common stock issued but not outstanding were held as treasury stock.

As of December 31, 2019, there were 10 million shares of preferred stock authorized, with none issued or outstanding. The preferred stock may be divided into a number of series as defined by our Board of Directors. The Board of Directors is authorized to fix the rights, powers, preferences, privileges and restrictions granted to and imposed upon the preferred stock upon issuance.

In May 2014, the stockholders of the Company approved the Covanta Holding Corporation 2014 Equity Award Plan. For additional information, see Note 7. Stock-Based Award Plans.

Earnings Per Share

We calculate basic EPS using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards and restricted stock units whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive.

Basic and diluted weighted average shares outstanding were as follows (in millions):

	Year Ended December 31,
	2019	2018	2017
Basic weighted average common shares outstanding	131	130	130
Dilutive effect of stock options, restricted stock and restricted stock units	2	2	1
Diluted weighted average common shares outstanding	133	132	131
Anti-dilutive stock options, restricted stock and restricted stock units excluded from the calculation of EPS	—	—	—