Income (loss) per Share

9 Months Ended

Oct. 01, 2023

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


	Three Months Ended				Nine Months Ended
	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022

	(In thousands)
Numerator:
Income from continuing operations	$	72,327	$	103,687	$	204,047	$	206,425
Less: Net income (loss) attributable to noncontrolling interest	(20)		27		(245)		111
Income from continuing operations attributable to Belden stockholders	72,347		103,660		204,292		206,314
Add: Loss from discontinued operations, net of tax	—		—		—		(3,685)
Add: Loss on disposal of discontinued operations, net of tax	—		(5,366)		—		(9,933)
Net income attributable to Belden stockholders	$	72,347	$	98,294	$	204,292	$	192,696

Denominator:
Weighted average shares outstanding, basic	42,053		43,466		42,460		44,181
Effect of dilutive common stock equivalents	572		597		669		629
Weighted average shares outstanding, diluted	42,625		44,063		43,129		44,810

For the three and nine months ended October 1, 2023, diluted weighted average shares outstanding excluded outstanding equity awards of 0.1 million and 0.2 million, respectively, as they were anti-dilutive. In addition, for the three and nine months ended October 1, 2023, diluted weighted average shares outstanding did not include outstanding equity awards of 0.2 million and 0.3 million because the related performance conditions have not been satisfied.

For the three and nine months ended October 2, 2022, diluted weighted average shares outstanding exclude outstanding equity awards of 0.7 million and 0.9 million as they are anti-dilutive. In addition, for the three and nine months ended October 2, 2022, diluted weighted average shares outstanding do not include outstanding equity awards of 0.0 million and 0.1 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.