Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 primarily 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,
		2023		2022
Net loss attributable to MasTec:
Net loss - basic and diluted (a)		$	(80,540)	$	(34,978)


Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)		76,984		74,789
Dilutive common stock equivalents (c)		—		—
Weighted average shares outstanding - diluted		76,984		74,789

(a)Basic net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests. Diluted net income or loss 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 Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information.

(b)For the three month periods ended March 31, 2023 and 2022, basic shares include approximately 99,000 and 72,000 weighted average shares, respectively, related to additional contingent payments.

(c)Weighted average anti-dilutive common stock equivalents totaled approximately 1,330,000 and 1,321,000, for the three month periods ended March 31, 2023 and 2022, respectively. For the three month period ended March 31, 2023, weighted average anti-dilutive common stock equivalents related to additional contingent payments to the former owners of an acquired business were de minimis, and for the three month period ended March 31, 2022, such anti-dilutive common stock equivalents totaled 63,000.

Share repurchases. There were no share repurchases under the Company’s share repurchase programs for the three month period ended March 31, 2023. For the three month period ended March 31, 2022, the Company repurchased 187,978 shares of its common stock, 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.

Shares issued for acquisitions. In the fourth quarter of 2022, the Company issued approximately 2,758,000 shares of its common stock in conjunction with the October 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”). In the second quarter of 2022, the Company issued 133,000 shares in connection with the December 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.