Income per Share

9 Months Ended

Sep. 29, 2019

The following table presents the basis for the income per share computations:



	Three Months Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018

	(In thousands)
Numerator:
Net income (loss)	$	(297,015	)	$	85,858		$	(229,547	)	$	117,220
Less: Net income (loss) attributable to noncontrolling interests	(6		)	(23		)	60			(148		)
Less: Preferred stock dividends	971			8,732			18,437			26,198
Net income (loss) attributable to Belden common stockholders, basic	(297,980		)	77,149			(248,044		)	91,170
Plus Preferred stock dividends	—			8,732			—			—
Net income (loss) attributable to Belden common stockholders, diluted	$	(297,980	)	$	85,881		$	(248,044	)	$	91,170

Denominator:
Weighted average shares outstanding, basic	44,444			40,510			41,090			40,960
Assumed conversion of preferred stock into common stock	—			6,857			—			—
Effect of dilutive common stock equivalents	—			311			—			308
Weighted average shares outstanding, diluted	44,444			47,678			41,090			41,268

For the three and nine months ended September 29, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 1.4 million and 1.2 million, respectively, because to do so would have been anti-dilutive. In addition, for both the three and nine months ended September 29, 2019, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million because the related performance conditions have not been satisfied. Furthermore, for the three and nine months ended September 29, 2019, diluted weighted average shares outstanding do not include the weighted average impact of 1.1 million and 4.9 million shares, respectively, related to converting preferred shares into common shares because deducting the preferred stock dividends from net income was more dilutive.

For the three and nine months ended September 30, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.9 million and 0.8 million, respectively, because to do so would have been anti-dilutive. In addition, for the three and nine months ended September 30, 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million and 0.2 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for the nine months ended September 30, 2018, diluted weighted average shares outstanding do not include the impact of preferred shares that were converted into 6.9 million common shares, because deducting the preferred stock dividends from net income was more dilutive.

For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock.

For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately.

Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding.