Income (loss) per Share

6 Months Ended

Jul. 03, 2022

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


	Three Months Ended				Six Months Ended
	July 3, 2022		July 4, 2021		July 3, 2022		July 4, 2021

	(In thousands)
Numerator:
Income from continuing operations	$	58,642	$	45,346	$	102,738	$	74,411
Less: Net income attributable to noncontrolling interest	81		208		84		283
Income from continuing operations attributable to Belden stockholders	58,561		45,138		102,654		74,128
Add: Loss from discontinued operations, net of tax	—		(1,374)		(3,685)		(1,698)
Add: Loss on disposal of discontinued operations, net of tax	—		—		(4,567)		—
Net income attributable to Belden stockholders	$	58,561	$	43,764	$	94,402	$	72,430

Denominator:
Weighted average shares outstanding, basic	44,252		44,759		44,535		44,717
Effect of dilutive common stock equivalents	530		503		644		445
Weighted average shares outstanding, diluted	44,782		45,262		45,179		45,162

For both the three and six months ended July 3, 2022, diluted weighted average shares outstanding exclude outstanding equity awards of 1.1 million as they are anti-dilutive. In addition, for the three and six months ended July 3, 2022, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million and 0.3 million, respectively, because the related performance conditions have not been satisfied.

For both the three and six months ended July 4, 2021, diluted weighted average shares outstanding exclude outstanding equity awards of 1.3 million as they are anti-dilutive. In addition, for both the three and six months ended July 4, 2021, 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 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.