Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 215

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 5
Chunk 215
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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 March 31, 2025, total unearned compensation related to restricted shares was approximately $70.6 million, which amount is expected to be recognized over a weighted average period of approximately 2.4 years.  The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $20.8 million and $13.3 million for  the three month periods ended March 31, 2025 and 2024, respectively. Activity, restricted shares: (a)Restricted SharesPer Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 20241,131,020 $75.48 Granted360,917 119.09 Vested(167,799)87.37 Canceled/forfeited(26,298)111.87 Non-vested restricted shares, as of March 31, 20251,297,840 $85.33 (a)    Includes 1,000 restricted stock units as of both March 31, 2025 and December 31, 2024.

Note 9 – Equity

Share RepurchasesThe Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws.  The Company’s share repurchase program does not have an expiration date and may be modified or suspended at any time at the Company’s discretion.  For the three month period ended March 31, 2025, the Company repurchased 0.3 million shares of its common stock for an aggregate purchase price totaling $37.1 million, of which $10.2 million was settled in April 2025, under the Company’s March 2020 share repurchase program.  There were no share repurchases under the Company’s share repurchase program for the three month period ended March 31, 2024.  As of March 31, 2025, $40.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program.  Subsequent to March 31, 2025, the Company repurchased an additional 0.4 million shares of its common stock for an