Income (loss) per Share

9 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

Income per Share

Income (loss) per Share

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

	Three Months Ended				Nine Months Ended
	September 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
	(In thousands)
Numerator:
Income from continuing operations	$	20,569	$	38,031	$	38,633	$	107,361
Less: Net income (loss) attributable to noncontrolling interest	85		(6)		79		60
Less: Preferred stock dividends	—		971		—		18,437
Income from continuing operations attributable to Belden common stockholders	20,484		37,066		38,554		88,864
Add: Loss from discontinued operations, net of tax	(6,231)		(335,046)		(103,395)		(336,908)
Add: Gain on disposal of discontinued operations, net of tax	2,743		—		2,743		—
Net income (loss) attributable to Belden common stockholders	$	16,996	$	(297,980)	$	(62,098)	$	(248,044)
Denominator:
Weighted average shares outstanding, basic	44,567		44,444		44,834		41,090
Effect of dilutive common stock equivalents	142		166		134		209
Weighted average shares outstanding, diluted	44,709		44,610		44,968		41,299

For the three and nine months ended September 27, 2020, diluted weighted average shares outstanding exclude outstanding equity awards of 1.6 million and 1.5 million, respectively, which are anti-dilutive. In addition, for both the three and nine months ended September 27, 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 nine months ended September 29, 2019, diluted weighted average shares outstanding exclude outstanding equity awards of 1.4 million and 1.2 million, respectively, which are 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 impact of preferred shares that were converted into 1.1 million and 4.9 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.