Basic 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 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,
	2026		2025		2026		2025
Net income attributable to MasTec:
Net income - basic and diluted	$	130,117	$	85,766	$	190,957	$	95,669


Weighted average shares outstanding:
Weighted average shares outstanding - basic	78,078		77,684		78,014		77,937
Dilutive common stock equivalents (a)	792		837		794		813
Weighted average shares outstanding - diluted	78,870		78,521		78,808		78,750

(a)For the three months ended June 30, 2026 and 2025, anti-dilutive common stock equivalents totaled approximately 400 and 4,000, respectively, and for the six months ended June 30, 2026 and 2025, such shares totaled approximately 112,000 and 208,000, respectively.

Share Repurchases. There were no share repurchases under the Company’s share repurchase program for the six months ended June 30, 2026. 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. See Note 10 – Stockholders' Equity for details of the Company’s share repurchase transactions.

Shares Issued for Acquisitions. The Company has issued shares of its common stock in connection with certain acquisitions. During the quarter ended June 30, 2026, the Company issued 67,592 shares in connection with certain additional payments made to the sellers in the 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). Additionally, in connection with the July 2026 acquisition of Superior, the Company issued 1,219,498 shares of its common stock issued from its treasury shares. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.