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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common 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 September 30,
 
Nine Months Ended September 30,
 
2016
 
2015
 
2016
 
2015
Numerator for earnings per common share - basic and diluted:
 

 
 

 
 
 
 
Net income
$
86,388

 
$
30,466

 
$
220,634

 
$
56,712

Preferred distributions
(1,997
)
 
(6,981
)
 
(15,959
)
 
(20,943
)
Excess fair value of consideration paid over carrying value of preferred shares
—

 
—

 
(9,609
)
 
—

Numerator for net income per share
$
84,391

 
$
23,485

 
$
195,066


$
35,769

 
 
 
 
 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
125,533

 
128,739

 
125,627

 
129,386

Weighted average number of common shares outstanding - diluted(1)
126,568

 
129,878

 
127,009

 
130,093

 
 
 
 
 
 
 
 
Net income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
 
 
Basic
$
0.67

 
$
0.18

 
$
1.55

 
$
0.28

Diluted
$
0.67

 
$
0.18

 
$
1.54

 
$
0.27

 
 
 
 
 
 
 
 
Anti-dilutive securities:
 
 
 
 
 
 
 
Effect of Series D preferred shares; 6 1/2% cumulative convertible(2)
2,363

 
2,363

 
2,363

 
2,363


(1)
As of September 30, 2016, we had granted RSUs to certain employees, officers, and the chairman of the Board of Trustees.  The RSUs contain both service and market-based vesting components.  None of the RSUs have vested. If the market-based vesting component was measured as of September 30, 2016, and 2015, 1,035 and 1,139 common shares would be issued to the RSU holders, respectively. Using a weighted average basis, 1,035 and 1,139 common shares are reflected in diluted earnings per share for the three months ended September 30, 2016 and 2015, respectively and 1,382 and 707 common shares are reflected in diluted earnings per share for the nine months ended September 30, 2016 and 2015, respectively.
(2)
The Series D preferred shares are excluded from the diluted earnings per share calculation because including the Series D preferred shares would also require that the preferred distributions be added back to net income, resulting in anti-dilution during the periods presented.