MASTEC INC

Note 2 –Earnings Per Share

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. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents if 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):

(a) Net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests.

(b) For the years ended December 31, 2025, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 11,000,16,000 and 1,100,000, respectively.

Share repurchases. For the year ended December 31, 2025, the Company repurchased 702,533 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 539,000 shares. See Note 12 - 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. In the fourth quarter of 2024, the Company issued approximately 93,000 shares in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. In 2023, the Company issued approximately 4,000 shares of its common stock in connection with the 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”).