Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (amounts in thousands except per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Numerator for earnings per common share - basic:
Net income	$	242,377		$	37,047		$	452,974		$	224,709
Net income attributable to noncontrolling interest	(91		)	(14		)	(170		)	(77		)
Preferred distributions	(1,997		)	(1,997		)	(3,994		)	(3,994		)
Numerator for net income per share - basic	$	240,289		$	35,036		$	448,810		$	220,638
Numerator for earnings per common share - diluted:
Net income	$	242,377		$	37,047		$	452,974		$	224,709
Net income attributable to noncontrolling interests	(91		)	(14		)	(170		)	(77		)
Preferred distributions	—			(1,997		)	—			—
Numerator for net income per share - diluted	$	242,286		$	35,036		$	452,804		$	224,632
Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	122,122			121,822			122,041			122,839
RSUs(2)	1,005			762			1,064			746
LTIP Units(3)	172			65			173			79
Series D preferred shares; 6 1/2% cumulative convertible(4)	2,563			—			2,563			2,363
Weighted average number of common shares outstanding - diluted	125,862			122,649			125,841			126,027
Net income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	1.97		$	0.29		$	3.68		$	1.80
Diluted	$	1.93		$	0.29		$	3.60		$	1.78
Anti-dilutive securities:
Effect of Series D preferred shares; 6 1/2% cumulative convertible(4)	—			2,363			—			—
Effect of LTIP Units	32			42			34			42
Effect of OP Units(5)	14			1			12			1

(1) The three months ended June 30, 2019 and 2018, includes 220 and 362 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2019 and 2018, includes 203 and 335 weighted-average, unvested, earned RSUs, respectively.

(2) Represents weighted-average number of common shares that would have been issued if the quarter-end was the measurement date for unvested, unearned RSUs.

(3) Represents the weighted-average dilutive shares issuable from LTIP Units if the quarter-end was the measurement date for the periods shown.

(4) The Series D preferred shares are excluded from the diluted earnings per share calculation for the three months ended June 30, 2018 because including the Series D preferred shares would also require that the preferred distributions be added back to net income, resulting in anti-dilution.

(5)

Beneficial interests in the Operating Trust.