Income Per Share

12 Months Ended

Dec. 31, 2020

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


	Years Ended December 31,
	2020		2019		2018
	(In thousands)
Numerator:
Income from continuing operations	$	54,403	$	109,891	$	167,144
Less: Net income (loss) attributable to noncontrolling interest	104		239		(183)
Less: Preferred stock dividends	—		18,437		34,931
Income from continuing operations attributable to Belden common stockholders	54,299		91,215		132,396
Add: Loss from discontinued operations, net of tax	(99,513)		(486,667)		(6,433)
Add: Loss on disposal of discontinued operations, net of tax	(9,948)		—		—
Net income (loss) attributable to Belden common stockholders	$	(55,162)	$	(395,452)	$	125,963
Denominator:
Weighted average shares outstanding, basic	44,778		42,203		40,675
Effect of dilutive common stock equivalents	159		213		281
Weighted average shares outstanding, diluted	44,937		42,416		40,956

Basic weighted average shares outstanding is used to calculate diluted loss per share when the numerator is a loss because using diluted weighted average shares outstanding would be anti-dilutive.

For the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding exclude outstanding equity awards of 1.5 million, 1.2 million, and 0.9 million, respectively, which are anti-dilutive. In addition, for the years ended December 31, 2020, 2019, and 2018, diluted weighted average shares outstanding do not include outstanding equity awards of 0.4 million, 0.3 million, and 0.3 million, respectively, because the related performance conditions have not been satisfied. Furthermore, for the years ended December 31, 2019, and 2018, diluted weighted average shares outstanding do not include the weighted average impact of preferred shares that were convertible into 3.7 million and 6.9 million common shares, respectively, 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.