Income (loss) per Share

6 Months Ended

Jul. 02, 2023

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


	Three Months Ended				Six Months Ended
	July 2, 2023		July 3, 2022		July 2, 2023		July 3, 2022

	(In thousands)
Numerator:
Income from continuing operations	$	68,775	$	58,642	$	131,720	$	102,738
Less: Net income (loss) attributable to noncontrolling interest	22		81		(225)		84
Income from continuing operations attributable to Belden stockholders	68,753		58,561		131,945		102,654
Add: Loss from discontinued operations, net of tax	—		—		—		(3,685)
Add: Loss on disposal of discontinued operations, net of tax	—		—		—		(4,567)
Net income attributable to Belden stockholders	$	68,753	$	58,561	$	131,945	$	94,402

Denominator:
Weighted average shares outstanding, basic	42,497		44,252		42,663		44,535
Effect of dilutive common stock equivalents	591		530		717		644
Weighted average shares outstanding, diluted	43,088		44,782		43,380		45,179

For both the three and six months ended July 2, 2023, diluted weighted average shares outstanding excluded outstanding equity awards of 0.2 million as they were anti-dilutive. In addition, for both the three and six months ended July 2, 2023, diluted weighted average shares outstanding did not include outstanding equity awards of 0.2 million because the related performance conditions have not been satisfied.

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 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.