Note 2 – Earnings Per Share

Basic earnings or loss per share is computed by dividing net income 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 under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive.

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Net income attributable to MasTec:
Net income - basic and diluted ^(a)	$	120,666	$	63,752	$	227,718	$	186,390
Weighted average shares outstanding:
Weighted average shares outstanding - basic	78,096		80,953		79,399		80,859
Dilutive common stock equivalents	1,105		1,433		1,085		1,422
Weighted average shares outstanding - diluted	79,201		82,386		80,484		82,281

Additional information:
Weighted average anti-dilutive common stock equivalents ^(b)	—		—		—		12


(a)	Calculated as total net income less amounts attributable to non-controlling interests.


(b)	Represents anti-dilutive common stock equivalents as calculated under the treasury stock method.

The Company repurchased approximately 1.6 million and 4.3 million shares of its common stock during the three and nine month periods ended September 30, 2018, respectively, as discussed in Note 11 - Equity. Current year share repurchases reduced the Company’s weighted average shares outstanding by 3.5 million shares for the three month period ended September 30, 2018, and by 2.1 million shares for the nine month period ended September 30, 2018 as compared with the respective prior year periods.