Income per Share

9 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Income per Share

Income per Share

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

	Three Months Ended				Nine Months Ended
	September 29, 2024		October 1, 2023		September 29, 2024		October 1, 2023
	(In thousands)
Numerator:
Net income	$	53,689	$	72,327	$	140,032	$	204,047
Less: Net loss attributable to noncontrolling interest	(3)		(20)		(17)		(245)
Net income attributable to Belden stockholders	$	53,692	$	72,347	$	140,049	$	204,292
Denominator:
Weighted average shares outstanding, basic	40,798		42,053		40,825		42,460
Effect of dilutive common stock equivalents	619		572		546		669
Weighted average shares outstanding, diluted	41,417		42,625		41,371		43,129

For both the three and nine months ended September 29, 2024, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million because they are anti-dilutive. For the three and nine months ended October 1, 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million and 0.2 million, respectively, because they are anti-dilutive.

In addition, for the three and nine months ended September 29, 2024, 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 the three and nine months ended October 1, 2023, 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.