Income per Share

6 Months Ended

Jun. 28, 2020

Income (loss) per Share

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


	Three Months Ended						Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019

	(In thousands)
Numerator:
Income from continuing operations	$	3,173	$	41,395	$	18,064	$	69,330
Less: Net income (loss) attributable to noncontrolling interest	24		90		(6)		66
Less: Preferred stock dividends	—		8,733		—		17,466
Income from continuing operations attributable to Belden common stockholders	3,149		32,572		18,070		51,798
Add: Income (loss) from discontinued operations, net of tax	(71,054)		895		(97,164)		(1,862)
Net income (loss) attributable to Belden common stockholders	$	(67,905)	$	33,467	$	(79,094)	$	49,936

Denominator:
Weighted average shares outstanding, basic	44,557		39,389		44,969		39,405
Effect of dilutive common stock equivalents	108		222		128		230
Weighted average shares outstanding, diluted	44,665		39,611		45,097		39,635

For the three and six months ended June 28, 2020, diluted weighted average shares outstanding exclude outstanding equity awards of 1.7 million and 1.5 million, respectively, which are anti-dilutive. In addition, for both the three and six months ended June 28, 2020, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million because the related performance conditions have not been satisfied.

For the three and six months ended June 30, 2019, diluted weighted average shares outstanding exclude outstanding equity awards of 1.2 million and 1.1 million, respectively, which are anti-dilutive. In addition, for both the three and six months ended June 30, 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 both the three and six months ended June 30, 2019, 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.