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Shareholders' Equity
9 Months Ended
Sep. 30, 2011
Shareholders' Equity 
Shareholders' Equity

Note 13 – Shareholders' Equity

Common and Treasury Stock Activity

The Company repurchased $1.9 million of the Company's common stock at an average price of $17.00 per share during the three months ended September 30, 2011. The Company may use either authorized and unissued shares or treasury shares to meet share requirements, including those resulting from the exercise of stock options, vesting of restricted stock awards and/or other share issuance requirements.

 

A summary of common stock and treasury stock activity for the period indicated is as follows:

 

     Common  Shares
Outstanding		     Treasury
Shares		  

Balance as of December 31, 2010

      78,215,189        —     
  

 

 

    

 

 

  

Shares issued for stock options

      1,118,826        —     

Shares issued for restricted stock

      316,190        —     

Shares issued for employee benefit plans and other

      53,328        —     

Shares issued for acquisition

      5,129,642        —     

Common stock repurchases

      (114,675 )      114,675   
  

 

 

    

 

 

  

Balance as of September 30, 2011

      84,718,500        114,675   
  

 

 

    

 

 

  

In October 2011, the Company repurchased an additional 67,569 shares of common stock for $1.1 million.

Comprehensive Income

Comprehensive income is a measure of net income and all other changes in equity that result from transactions other than those with shareholders. Comprehensive income consists of net income, unrealized gains and losses from securities available for sale, foreign currency translation adjustments and losses from non-controlling interests.

Comprehensive income for the periods indicated consisted of the following (in thousands):

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2011     2010     2011     2010  

Net income

    $ 31,830      $ 30,001      $ 97,411      $ 51,956   

Foreign currency translation (loss) gain

      (3,093 )      21        (3,059 )      67   

Unrealized (loss) gain from securities available for sale, net of tax

      (490 )      232        (753 )      (63 ) 

Reclassification adjustment for impairment losses on securities available for sale, net of tax, previously recorded in other comprehensive income

      283        251        283        503   

Reversal of unrealized losses on redeemed security, net of tax

      —          —          285        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income

    $ 28,530      $ 30,505      $ 94,167      $ 52,463   

Comprehensive net loss attributable to non-controlling interests

      (12 )      (5 )      (31 )      (61 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Comprehensive income attributable to MasTec

    $ 28,542      $ 30,510      $ 94,198      $ 52,524   
  

 

 

    

 

 

    

 

 

    

 

 

  

Accumulated other comprehensive losses of $9.4 million and $6.2 million as of September 30, 2011 and December 31, 2010, respectively, are primarily attributable to unrealized losses on securities available for sale, net of tax, and foreign currency translation losses and/or gains.