Note 2 – Earnings Per Share

Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive.

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):



	For the Three Months Ended March 31
	2018		2017
Net income attributable to MasTec:
Net income - basic and diluted ^(a)	$	26,560	$	40,970
Weighted average shares outstanding:
Weighted average shares outstanding - basic	81,150		80,697
Dilutive common stock equivalents	1,071		1,460
Weighted average shares outstanding - diluted	82,221		82,157

Additional information:
Weighted average anti-dilutive common stock equivalents ^(b)	—		19


(a)	Calculated as total net income less amounts attributable to non-controlling interests.


(b)	Represents anti-dilutive common stock equivalents as calculated under the treasury stock method.

During the three month period ended March 31, 2018, the Company repurchased approximately 2.0 million shares of its common stock, as discussed in Note 11 - Equity. The effect of these repurchases on the Company’s weighted average shares outstanding for the three month period ended March 31, 2018 was minimal due to the timing of the repurchases, which occurred in the latter part of the quarter. In future quarters, these share repurchases will be fully reflected in the total number of weighted average shares outstanding for the respective quarter to date periods.