MASTEC INC

Note 2 –Earnings Per Share

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):

(a)For the three months ended September 30, 2026 and 2025, anti-dilutive common stock equivalents totaled approximately 2,000 and 1,000, respectively, and for the nine months ended September 30, 2026 and 2025, such shares totaled approximately 139,000 and 12,000, respectively.

Share Repurchases. There wereno share repurchases under the Company’s share repurchase program for the nine months ended September 30, 2026. For the nine months ended September 30, 2025, the Company repurchased 702,533 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding was a reduction of approximately 483,000 shares. 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 September 30, 2026, the Company issued 1,219,498 shares of its common stock from its treasury shares in connection with the acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”) on July 20, 2026, of which the weighted average impact was an increase of approximately 954,000 and 322,000 shares for the three and nine months ended September 30, 2026, respectively. During the second quarter of 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”). See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.