Earnings Per Share

9 Months Ended

Sep. 30, 2020

Note 2 – Earnings Per Share

Basic earnings or loss per share is computed by dividing net income 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 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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Net income attributable to MasTec:
Net income - basic and diluted (a)	$	116,491	$	128,596	$	209,726	$	291,418
Weighted average shares outstanding:
Weighted average shares outstanding - basic	72,138		75,217		72,971		75,131
Dilutive common stock equivalents (b)	957		717		816		629
Weighted average shares outstanding - diluted	73,095		75,934		73,787		75,760

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

(b)For the nine month period ended September 30, 2020, there were 58,759 anti-dilutive common stock equivalents.

The Company repurchased approximately 3.6 million shares of its common stock during the nine month period ended September 30, 2020, as discussed in Note 11 - Equity. The effect of these repurchases on the Company’s weighted average shares outstanding for the nine month period ended September 30, 2020 was a reduction of approximately 2.6 million shares, due to the timing of the repurchases.