Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Earnings Per Share, Basic and Diluted

The following table provides details of the Company’s earnings per share calculations for the periods indicated (in thousands, except per share amounts). Note that earnings per share calculations may contain slight summation differences due to rounding.



	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2012			2011		2012			2011
Basic
Net income attributable to MasTec:
Net income from continuing operations before non-controlling interests	$	36,098		$	30,827	$	78,957		$	90,473
Net (loss) income from discontinued operations before non-controlling interests	(9,277		)	1,015		(7,872		)	6,969
Basic net income attributable to MasTec	$	26,821		$	31,842	$	71,085		$	97,442
Weighted average shares outstanding	76,194			84,732		79,009			81,982
Basic earnings (loss) per share attributable to MasTec:
Continuing operations	$	0.47		$	0.36	$	1.00		$	1.10
Discontinued operations	(0.12		)	0.01		(0.10		)	0.09
Total basic earnings per share	$	0.35		$	0.38	$	0.90		$	1.19
Diluted
Net income attributable to MasTec:
Basic net income from continuing operations before non-controlling interests	$	36,098		$	30,827	$	78,957		$	90,473
Interest expense on Original 4.0% Notes, net of tax	59			62		176			272
Interest expense on Original 4.25% Notes, net of tax	19			20		58			134
Diluted net income from continuing operations before non-controlling interests	$	36,176		$	30,909	$	79,191		$	90,879
Net (loss) income from discontinued operations before non-controlling interests	(9,277		)	1,015		(7,872		)	6,969
Diluted net income attributable to MasTec	$	26,899		$	31,924	$	71,319		$	97,848
Shares:
Basic weighted average shares outstanding	76,194			84,732		79,009			81,982
Dilutive common stock equivalents	887			1,049		842			1,207
Dilutive premium shares, New 4.0% Notes	794			1,366		631			1,166
Dilutive premium shares, New 4.25% Notes	845			1,371		694			1,187
Dilutive shares, Original 4.0% Notes	612			612		612			945
Dilutive shares, Original 4.25% Notes	194			194		194			446
Diluted weighted average shares outstanding	79,526			89,324		81,982			86,933
Diluted earnings (loss) per share attributable to MasTec:
Continuing operations	$	0.45		$	0.35	$	0.97		$	1.05
Discontinued operations	(0.12		)	0.01		(0.10		)	0.08
Total diluted earnings per share	$	0.34		$	0.36	$	0.87		$	1.13

Schedule Of Share Activity

A summary of share activity for the nine months ended September 30, 2012 is as follows (in thousands):



	Common Shares Outstanding		Treasury Shares
Balance as of December 31, 2011	80,569		4,594
Shares issued for stock options	68
Shares issued for restricted stock	143
Other shares issued	61
Common stock repurchases	(4,873	)	4,873
Balance as of September 30, 2012	75,968		9,467

Schedule of Convertible Debt, By Dilutive and Anti-Dilutive Classification

The following table summarizes the principal amounts of the Company’s outstanding convertible notes for the periods indicated, including their respective classification within the computation of earnings per share for each period (in millions):



	Three and Nine Months Ended September 30,
	2012		2011
Dilutive:
New 4.0% Notes (1)	$	105.3	$	105.3
New 4.25% Notes (1)	97.0		97.0
Original 4.0% Notes (2)	9.7		9.7
Original 4.25% Notes (2)	3.0		3.0
Total principal amount, dilutive outstanding convertible notes	$	215.0	$	215.0

(1)Dilutive shares associated with the New Notes are attributable to the premium over the respective conversion prices.

(2)Dilutive shares associated with the Original Notes are attributable to the underlying principal amounts.

Schedule Of Convertible Debt Information

Details of the calculation underlying the number of premium shares included in the Company’s diluted share count for the periods indicated are as follows (in thousands, except per share amounts):



	As of and for the Three Months Ended September 30, 2012				As of and for the Nine Months Ended September 30, 2012
	New 4.0% Notes		New 4.25% Notes		New 4.0% Notes		New 4.25% Notes
Principal amount	$	105,322	$	97,000	$	105,322	$	97,000
Conversion price per share	$	15.76	$	15.48	$	15.76	$	15.48
Number of conversion shares, principal amount	6,683		6,268		6,683		6,268
Weighted average actual per share price	$	17.89	$	17.89	$	17.40	$	17.40
Excess over principal amount	$	14,208	$	15,106	$	10,975	$	12,073
Weighted average equivalent premium shares (in thousands)	794		845		631		694