Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 137

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 137
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 program during the second quarter of 2025.  There were no share repurchases under the Company’s share repurchase program in any of the three or nine months ended September 30, 2024.  In May 2025, the Company’s Board of Directors authorized a new $250 million share repurchase program, for which the full amount remains available for future share repurchases as of September 30, 2025.  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.Stock-Based CompensationThe Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance.  Under all stock-based compensation plans in effect as of September 30, 2025, there were approximately 4,003,000 shares available for future grants.  Non-cash stock-based compensation expense under all plans totaled approximately $9.3 million and $7.3 million for the three months ended September 30, 2025 and 2024, respectively, and totaled approximately $25.6 million and $24.0 million for the nine months ended September 30, 2025 and 2024, respectively.  Income tax benefits associated with stock-based compensation arrangements totaled $2.5 million and $1.2 million for the three months ended September 30, 2025 and 2024, respectively.  For the nine months ended September 30, 2025 and 2024, income tax benefits totaled $5.8 million and $4.2 million, respectively, including net tax benefits related to 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,