MASTEC INC

Note 8 –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 June 30, 2025, there were approximately 4,012,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $9.4 million and $7.0 million for the three months ended June 30, 2025 and 2024, respectively, and totaled approximately $16.3 million and $16.7 million for the six months ended June 30, 2025 and 2024, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.7 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, income tax benefits totaled $3.3 million and $3.0 million, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $0.4 million and net tax shortfalls totaling $0.1 million for the respective periods.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of June 30, 2025, total unearned compensation related to restricted shares was approximately $63.4 million, which amount is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of restricted shares that vested totaled approximately $0.5 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and totaled approximately $21.3 million and $14.4 million for the six months ended June 30, 2025 and 2024, respectively.

(a) Includes 1,000 restricted stock units as of December 31, 2024.