EQUITY AND EARNINGS PER SHARE ("EPS")

Equity

In May 2014, the stockholders of the Company approved the Covanta Holding Corporation 2014 Equity Award Plan. For additional information, see Note 17. Stock-Based Award Plans.

During the year ended December 31, 2016, we granted awards of 761,426 shares of restricted stock, 888,144 of restricted stock units and withheld 210,438 shares of our common stock in connection with tax withholdings for vested stock awards. For information related to stock-based award plans, see Note 17. Stock-Based Award Plans.

During the years ended December 31, 2016, 2015 and 2014 common shares repurchased and dividends declared were as follows (in millions, except per share amounts):



	For the Years Ended December 31,
	2016		2015		2014
Total repurchases	$	18	$	32	$	—
Shares repurchased	1.2		2.1		—
Weighted average cost per share	$	15.29	$	15.33	$	—

Dividends declared	$	132	$	133	$	114
Per share	$	1.00	$	1.00	$	0.86

As of December 31, 2016, there were 136 million shares of common stock issued of which 130 million shares were outstanding; the remaining 6 million shares of common stock issued but not outstanding were held as treasury stock. As of December 31, 2016, there were 4 million shares of common stock available for future issuance under equity plans.

As of December 31, 2016, 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 are authorized to fix the rights, powers, preferences, privileges and restrictions granted to and imposed upon the preferred stock upon issuance.

Earnings Per Share

We calculate basic earnings per share ("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. Basic weighted average shares outstanding have decreased due to share repurchases. 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):



	For the Years Ended December 31,
	2016	2015	2014
Basic weighted average common shares outstanding	129	132	130
Dilutive effect of restricted stock and restricted stock units⁽¹⁾	—	1	—
Diluted weighted average common shares outstanding	129	133	130

⁽¹⁾Excludes the following securities because their inclusion would have been anti-dilutive (in millions):



	For the Years Ended December 31,
	2016	2015	2014
Stock options	1	1	1
Restricted stock	1	—	1
Restricted stock units	1	—	—
Warrants	—	—	25

In 2009, we issued warrants in connection with the issuance of 3.25% Cash Convertible Senior Notes that matured on June 1, 2014. The warrants were exercisable only at expiration in equal tranches over a 60 day period that began on September 2, 2014 and ended on November 26, 2014. The warrants were net share settled, which means that, with respect to any exercise date, we delivered to the warrant holders a number of shares for each warrant equal to the excess of the volume-weighted average price of our common stock on each exercise date over the then effective strike price of the warrants, divided by such volume-weighted average price of our common stock, with a cash payment in lieu of fractional shares. During the year ended December 31, 2014, 1,430,870 shares of our common stock were issued in connection with warrant exercises. For additional information see Note 11. Consolidated Debt - 3.25% Cash Convertible Senior Notes due 2014.