Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Net (loss) income attributable to MasTec:
Net (loss) income - basic (a)	$	(49,949)	$	33,354	$	328,831
Fair value gain related to contingent payments (b)	$	—	$	1,682	$	—
Net (loss) income - diluted (a)	$	(49,949)	$	31,672	$	328,831
Weighted average shares outstanding:
Weighted average shares outstanding - basic (c)	77,535		74,917		72,499
Dilutive common stock equivalents (d)(e)	—		1,268		1,442
Weighted average shares outstanding - diluted	77,535		76,185		73,941

(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) Represents the fair value gain related to additional contingent payments for the year ended December 31, 2022, the effect of which was dilutive as of December 31, 2022. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information.

(c) For the years ended December 31, 2023 and 2022, basic shares include approximately 88,000 and 127,000 weighted average shares, respectively, related to additional contingent payments.

(d) For the years ended December 31, 2023, 2022 and 2021, anti-dilutive common stock equivalents totaled approximately 1,100,000, 255,000 and 159,000, respectively, which, for the year ended December 31, 2022, included approximately 29,200 warrants associated with the Infrastructure and Energy Alternatives, Inc. (“IEA”) acquisition.

(e) For the year ended December 31, 2023, there were no weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business, whereas for the year ended December 31, 2022, such weighted average common stock equivalents totaled approximately 105,000.