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 15. Stock-Based Award Plans.

During the years ended December 31, 2017, 2016 and 2015 common shares repurchased and dividends declared were as follows (in millions, except per share amounts):



	Year Ended December 31,
	2017		2016		2015
Total repurchases	$	—	$	18	$	32
Shares repurchased	—		1.2		2.1
Weighted average cost per share	$	—	$	15.29	$	15.33

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

As of December 31, 2017, 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, 2017, there were 4 million shares of common stock available for future issuance under equity plans.

As of December 31, 2017, 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.

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):



	Year Ended December 31,
	2017	2016	2015
Basic weighted average common shares outstanding	130	129	132
Dilutive effect of restricted stock and restricted stock units⁽¹⁾	1	—	1
Diluted weighted average common shares outstanding	131	129	133

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



	Year Ended December 31,
	2017	2016	2015
Stock options	—	1	1
Restricted stock	—	1	1
Restricted stock units	—	1	—