Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 264

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 5
Chunk 264
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 the vesting of share-based payment awards totaling $1.3 million and net tax shortfalls totaling $0.1 million for the respective periods.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 on the date of grant.  During the restriction period, holders of restricted stock awards are entitled to vote the shares.  As of September 30, 2025, total unearned compensation related to restricted shares was approximately $53.8 million, which amount is expected to be recognized over a weighted average period of approximately 2.0 years.  The fair value of restricted shares 

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that vested totaled approximately $6.4 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and totaled approximately $27.7 million and $14.7 million for the nine months ended September 30, 2025 and 2024, respectively.Activity, restricted shares: (a)Restricted SharesPer Share Weighted Average Grant Date Fair ValueNon-vested restricted shares, as of December 31, 20241,131,020 $75.48 Granted382,180 121.39 Vested(208,362)86.08 Canceled/forfeited(46,308)94.37 Non-vested restricted shares, as of September 30, 20251,258,530 $86.97 (a)    Includes 1,000 restricted stock units as of December 31, 2024.

Note 9 – Income Taxes

In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates.  The effect of significant discrete items is separately recognized in the quarter(s) in which they occur.  For the three months ended September 30, 2025 and 2024, the Company’s consolidated effective tax rates were 21.3% and 23.0%, respectively, and for the nine months ended September 30, 2025 and 2024 were 21.2% and 25.8%, respectively.  The Company’s effective tax rate for the nine months ended September 30, 2025 included income tax benefits