Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Information

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

	For the Years Ended December 31,
	2022		2021		2020
Net income attributable to MasTec:
Net income - basic (a)	$	33,354	$	328,831	$	322,848
Fair value gain (loss) related to resolved contingent payments (b)	$	1,682	$	—	$	—
Net income - diluted (a)	$	31,672	$	328,831	$	322,848
Weighted average shares outstanding:
Weighted average shares outstanding - basic (c)	74,917		72,499		72,799
Dilutive common stock equivalents (d)(e)	1,268		1,442		916
Weighted average shares outstanding - diluted	76,185		73,941		73,715

(a)    Basic net income is calculated as total net income or loss less amounts attributable to non-controlling interests. Diluted net income is 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, Net.

(b)    Represents the fair value gain or loss related to additional contingent payments for which the contingency has been resolved as of December 31, 2022. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net.

(c)    For the year ended December 31, 2022, basic shares include approximately 127,000 weighted average shares related to additional contingent payments.

(d)    For the years ended December 31, 2022, 2021 and 2020, weighted average anti-dilutive common stock equivalents totaled approximately 255,000, 159,000 and 44,000, respectively. For the year ended December 31, 2022, weighted average anti-dilutive common stock equivalents included approximately 29,200 warrants associated with the IEA acquisition.

(e)    For the year ended December 31, 2022, common stock equivalents included approximately 105,000 weighted average shares related to additional contingent

payments to the former owners of an acquired business.