Income Per Share

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


	Years Ended December 31,
	2025		2024		2023
	(In thousands)
Numerator:
Net income	$	237,522	$	198,414	$	242,556
Less: Net loss attributable to noncontrolling interest	—		(19)		(203)




Net income attributable to Belden common stockholders	$	237,522	$	198,433	$	242,759
Denominator:
Weighted average shares outstanding, basic	39,605		40,694		42,237
Effect of dilutive common stock equivalents	605		605		622
Weighted average shares outstanding, diluted	40,210		41,299		42,859

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, 2025, 2024, and 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million, 0.1 million, and 0.2 million, respectively, because they are anti-dilutive. In addition, for the years ended December 31, 2025, 2024, and 2023, diluted weighted average shares outstanding do not include outstanding equity awards of 0.2 million, 0.1 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.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

BELDEN INC. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures