Note 9 – Stock-Based Compensation and Other Employee Benefit Plans

The 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, 2018, including employee stock purchase plans, there were approximately 4,651,000 shares available for future grant.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together “restricted shares”) to eligible employees and directors, 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. Total unearned compensation related to restricted shares as of September 30, 2018 was approximately $16.3 million, which is expected to be recognized over a weighted average period of approximately 1.8 years. The intrinsic value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $0.6 million and $0.1 million for the three month periods ended September 30, 2018 and 2017, respectively, and totaled $2.3 million and $11.9 million for the nine month periods ended September 30, 2018 and 2017, respectively.



Activity, restricted shares: ^(a)	Restricted Shares		Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2017	1,448,591		$	23.29
Granted	119,511		50.53
Vested	(50,966	)	22.19
Canceled/forfeited	(36,954	)	21.42
Non-vested restricted shares, as of September 30, 2018	1,480,182		$	25.57


(a)	Includes 19,300 and 27,550 restricted stock units as of September 30, 2018 and December 31, 2017, respectively.

Employee Stock Purchase Plans

The Company has certain employee stock purchase plans (collectively, “ESPPs”) under which shares of the Company's common stock are available for purchase by eligible employees. The following table provides details pertaining to the Company’s ESPPs for the periods indicated:



	For the Nine Months Ended September 30,
	2018		2017
Cash proceeds (in millions)	$	3.1	$	2.4
Common shares issued	79,459		68,789
Weighted average price per share	$	39.36	$	34.72
Weighted average per share grant date fair value	$	9.62	$	9.00

Non-Cash Stock-Based Compensation Expense

Details of non-cash stock-based compensation expense and related tax effects for the periods indicated were as follows (in millions):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Non-cash stock-based compensation expense	$	3.5	$	3.4	$	10.1	$	10.5
Income Tax Effects:
Income tax effect of non-cash stock-based compensation	$	0.9	$	1.3	$	2.7	$	3.8
Excess tax benefit from non-cash stock-based compensation ^(a)	$	0.1	$	0.0	$	0.3	$	0.1

(a)

Excess tax benefits represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with share-based payment arrangements. For the nine month period ended September 30, 2018, the Company recognized a tax benefit, net of tax deficiencies, related to the vesting of share-based payment awards of $0.3 million, and for the nine month period ended September 30, 2017, recognized a tax deficiency, net of tax benefits, of $0.1 million.