Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 97

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 97
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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 the Company’s weighted average shares outstanding for the related period was minimal.  There were no share repurchases for the three month period ended March 31, 2024.  See Note 9 – Equity for details of the Company’s share repurchase transactions, including activity subsequent to March 31, 2025.

10

Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net

The following table provides a reconciliation of changes in goodwill by reportable segment for the period indicated (in millions):CommunicationsClean Energy and InfrastructurePower DeliveryPipeline InfrastructureTotal GoodwillGoodwill, gross, as of December 31, 2024 (a)$546.5 $742.3 $395.4 $629.2 $2,313.4 Accumulated impairment loss (b)— — — (110.3)(110.3)Goodwill, net, as of December 31, 2024 (a)$546.5 $742.3