Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 863

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 863
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 including net tax benefits related to the vesting of share-based payment awards totaling approximately $1.5 million, $11.0 million and $0.9 million, respectively.Restricted SharesMasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant.  During the restriction period, holders of restricted stock awards are entitled to vote the shares.  As of December 31, 2024, total unearned compensation related to restricted shares was approximately $37.6 million, which amount is expected to be recognized over a weighted average period of approximately 1.7 years.  The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $37.2 million, $98.4 million and $19.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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Activity, restricted shares: (a)Restricted SharesPer Share Weighted Average  Grant Date Fair ValueNon-vested restricted shares, as of December 31, 20222,049,280 $52.33 Granted738,935 62.03 Vested(1,134,687)32.89 Canceled/forfeited(147,532)56.26 Non-vested restricted shares, as of December 31, 20231,505,996 $71.35 Granted268,117 90.90 Vested(344,304)88.76 Canceled/forfeited(298,789)53.22 Non-vested restricted shares, as of December 31, 20241,131,020 $75.48 (a)    Includes 1,000 restricted stock units as of both December 31, 2024 and 2023, and 2,150 restricted stock units as of December 31, 2022.Employee Stock Purchase Plans.  For the years ended December 31, 2024, 2023 and 2022, 95,374 shares, 119,450 shares and 112,341 shares, respectively, were purchased by participants under the Company’s ESPPs for $8.2 million, $8.5 million and $7.4 million, respectively, which