Earnings Per Share

3 Months Ended

Mar. 31, 2022

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 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. Basic and diluted shares for the three month period ended March 31, 2022 also include the assumed effect of certain shares related to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets. 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. For the three month period ended March 31, 2022, the Company reported a net loss, which resulted in the exclusion of approximately 1,321,000 weighted average common stock equivalents from the calculation of diluted net loss per share for the related period.

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,
	2022		2021
Net (loss) income attributable to MasTec:
Net (loss) income - basic and diluted (a)	$	(34,978)	$	65,649
Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)	74,789		72,439
Dilutive common stock equivalents (c)(d)	—		1,407
Weighted average shares outstanding - diluted	74,789		73,846

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

(b)For the three month period ended March 31, 2022, basic shares include approximately 72,000 weighted average shares relating to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

(c)Weighted average anti-dilutive common stock equivalents totaled approximately 1,321,000 and 23,000, for the three month periods ended March 31, 2022, and 2021, respectively.

(d)For the three month period ended March 31, 2022, common stock equivalents, all of which are anti-dilutive, include approximately 63,000 weighted average shares relating to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

The Company repurchased 187,978 shares of its common stock during the three month period ended March 31, 2022, the effect of which on the Company’s weighted average shares outstanding was minimal. See Note 11 – Equity for details of the Company’s share repurchase transactions, including details of shares repurchased subsequent to March 31, 2022. Additionally, in December 2021, the Company issued 1,975,232 shares of its common stock in conjunction with an acquisition. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.