Earnings Per Share

6 Months Ended

Jun. 30, 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, if 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 June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) attributable to MasTec:
Net income (loss) - basic (a)	$	15,542	$	16,212	$	(64,998)	$	(18,766)
Fair value gain related to resolved contingent payments (b)	$	—	$	1,025	$	—	$	1,025
Net income (loss) - diluted (a)	$	15,542	$	15,187	$	(64,998)	$	(19,791)
Weighted average shares outstanding:
Weighted average shares outstanding - basic(c)	77,635		74,445		77,306		74,615
Dilutive common stock equivalents (d)(e)	737		1,092		—		32
Weighted average shares outstanding - diluted	78,372		75,537		77,306		74,647

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

(c)For the three month periods ended June 30, 2023 and 2022, basic shares include approximately 88,000 and 132,000 weighted average shares, respectively, related to additional contingent payments, and for the six month periods ended June 30, 2023 and 2022, basic shares include approximately 88,000 and 101,000 of such weighted average shares, respectively.

(d)For the three month periods ended June 30, 2023, and 2022, weighted average anti-dilutive common stock equivalents totaled approximately 2,000 and 178,000 shares, respectively, and for the six month periods ended June 30, 2023 and 2022, such shares totaled approximately 1,147,000 and 1,273,000, respectively.

(e)For the three and six month periods ended June 30, 2023, weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business, which shares were anti-dilutive, were de minimis, and for the three and six month periods ended June 30, 2022, weighted average common stock equivalents related to such additional contingent payments, which shares were dilutive, totaled approximately 1,000 and 32,000, respectively.

Share repurchases. There were no share repurchases under the Company’s share repurchase programs in either of the three or six month periods ended June 30, 2023. For the three and six month periods ended June 30, 2022, the Company repurchased approximately 936,000 and 1,124,000 shares of its common stock, respectively, the effect of which on the Company’s weighted average shares outstanding for the respective periods was a reduction of approximately 554,000 and 330,000 shares. 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.