Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net income (loss) attributable to MasTec:
Net income (loss) - basic (a)	$	16,212	$	75,451	$	(18,766)	$	141,100
Fair value gain (loss) related to resolved contingent payments (b)	$	1,025	$	—	$	1,025	$	—
Net income (loss) - diluted (a)	$	15,187	$	75,451	$	(19,791)	$	141,100
Weighted average shares outstanding:
Weighted average shares outstanding - basic(c)	74,445		72,501		74,615		72,470
Dilutive common stock equivalents (d)(e)	1,092		1,475		32		1,443
Weighted average shares outstanding - diluted	75,537		73,976		74,647		73,913

(a)For basic net income, calculated as total net income or loss less amounts attributable to non-controlling interests. For diluted net income, calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See discussion above and in Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

(b)For the three and six month periods ended June 30, 2022, represents the fair value gain or loss related to additional contingent payments for which the contingency has been resolved as of June 30, 2022. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets for additional information.

(c)For the three and six month periods ended June 30, 2022, basic shares include approximately 132,000 and 101,000 weighted average shares, respectively, related to additional contingent payments.

(d)For the three and six month periods ended June 30, 2022, weighted average anti-dilutive common stock equivalents totaled approximately 178,000 and 1,273,000 respectively, and for the three and six month periods ended June 30, 2021, totaled approximately 1,000 and 2,000, respectively.

(e)For the three and six month periods ended June 30, 2022, common stock equivalents included approximately 1,000 and 32,000 weighted average shares, respectively, related to additional contingent payments to the former owners of an acquired business. For the six month period ended June 30, 2022, common stock equivalents were anti-dilutive except to the extent of the common stock equivalents associated with the additional contingent payments.