Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 12

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement.  ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items.  In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027.  Early adoption is permitted.  The amendments in ASU 2024-03, and its related clarifying ASU, should be applied prospectively, with retrospective application permitted.  The Company is currently evaluating the impact this standard will have on its disclosures.

Note 2 – Earnings Per Share

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.The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):Three Months Ended March 31, 20252024Net income (loss) attributable to MasTec:Net income (loss) - basic and diluted$9,903 $(41,180)Weighted average shares outstanding:Weighted average shares outstanding - basic78,192 77,942 Dilutive common stock equivalents (a)860 — Weighted average shares outstanding - diluted79,052 77,942 (a)    For the three month periods ended March 31, 2025 and 2024, anti-dilutive common stock equivalents totaled approximately 55,000 and 727,000, respectively.Share Repurchases.  For the three month period ended March 31, 2025, the Company repurchased 332,565 shares of its common stock, the effect of which on