Earnings Per Share

12 Months Ended

Dec. 31, 2024

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 Years Ended December 31,
	2024		2023		2022
Net income (loss) attributable to MasTec:
Net income (loss) - basic (a)	$	162,788	$	(49,949)	$	33,354
Fair value gain related to contingent payments (b)	$	—	$	—	$	1,682
Net income (loss) - diluted (a)	$	162,788	$	(49,949)	$	31,672
Weighted average shares outstanding:
Weighted average shares outstanding - basic (c)	78,049		77,535		74,917
Dilutive common stock equivalents (d)(e)	831		—		1,268
Weighted average shares outstanding - diluted	78,880		77,535		76,185

(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, 2024, 2023 and 2022, basic shares include approximately 78,000, 88,000 and 127,000 weighted average shares, respectively, related to additional contingent payments.

(d) For the years ended December 31, 2024, 2023 and 2022, anti-dilutive common stock equivalents totaled approximately 16,000, 1,100,000 and 255,000, 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, 2022, weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business totaled approximately 105,000, whereas for the years ended December 31, 2024 and 2023, there were no such weighted average common stock equivalents.

Share repurchases. There were no share repurchases under the Company’s share repurchase program for the years ended December 31, 2024 or December 31, 2023. For the year ended December 31, 2022, the Company repurchased approximately 1,124,000 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 731,000 shares. See Note 11 - Equity for details of the Company’s share repurchase transactions.

Shares issued for acquisitions. The Company has issued shares of its common stock in connection with certain acquisitions. In the fourth quarter of 2024 and second quarter of 2022, the Company issued approximately 93,000 shares and 133,000 shares, respectively, in connection with the acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). In 2022, the Company issued approximately 2,758,000 shares in connection with the acquisition of IEA, for which the effect in 2022 was an increase of approximately 637,000 weighted average shares. In 2023, the Company issued an additional 4,000 shares of its common stock in connection with this acquisition. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.