Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per ShareBasic earnings 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,
	2021		2020		2021		2020
Net income attributable to MasTec:
Net income - basic and diluted (a)	$	111,087	$	116,491	$	252,187	$	209,726
Weighted average shares outstanding:
Weighted average shares outstanding - basic	72,503		72,138		72,481		72,971
Dilutive common stock equivalents (b)	1,474		957		1,440		816
Weighted average shares outstanding - diluted	73,977		73,095		73,921		73,787

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

(b)For the three and nine month periods ended September 30, 2021, anti-dilutive common stock equivalents totaled 9,661 and 109,377, respectively. For the three month period ended September 30, 2020 there were no anti-dilutive common stock equivalents, and for the nine month period ended September 30, 2020, anti-dilutive common stock equivalents totaled 58,759.