Basic earnings or loss per share is computed by dividing net income or loss 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 primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted	$	85,766	$	33,988	$	95,669	$	(7,192)


Weighted average shares outstanding:
Weighted average shares outstanding - basic	77,684		78,038		77,937		77,984
Dilutive common stock equivalents (a)	837		822		813		—
Weighted average shares outstanding - diluted	78,521		78,860		78,750		77,984

(a) For the three months ended June 30, 2025 and 2024, anti-dilutive common stock equivalents totaled approximately 4,000 and 5,000, respectively, and for the six months ended June 30, 2025 and 2024, such shares totaled approximately 208,000 and 929,000, respectively.

Share Repurchases. For the three and six months ended June 30, 2025, the Company repurchased 369,968 and 702,533 shares of its common stock, respectively, the effect of which on the Company’s weighted average shares outstanding was a reduction of approximately 630,000 and 372,000 shares for the respective periods. There were no share repurchases in either of the three or six months ended June 30, 2024. See Note 9 – Equity for details of the Company’s share repurchase transactions.