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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2017
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 June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Numerator for earnings per common share - basic:
 

 
 

 
 
 
 
Net (loss) income
$
(5,811
)
 
$
87,844

 
$
18,011

 
$
134,246

Net loss (income) attributable to noncontrolling interest
2

 
—

 
(6
)
 
—

Preferred distributions
(1,997
)
 
(6,981
)
 
(3,994
)
 
(13,962
)
Excess fair value of consideration paid over carrying value of preferred shares
—

 
(9,609
)
 
—

 
(9,609
)
Numerator for net (loss) income per share - basic
$
(7,806
)
 
$
71,254

 
$
14,011


$
110,675

 
 
 
 
 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
 
 
 
 
Net (loss) income
$
(5,811
)
 
$
87,844

 
$
18,011

 
$
134,246

Preferred distributions
(1,997
)
 
(6,981
)
 
(3,994
)
 
(13,962
)
Excess fair value of consideration paid over carrying value of preferred shares
—

 
(9,609
)
 
—

 
(9,609
)
Numerator for net (loss) income per share - diluted
$
(7,808
)
 
$
71,254

 
$
14,017

 
$
110,675

 
 
 
 
 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
124,067

 
125,508

 
124,057

 
125,674

RSUs
—

 
1,429

 
1,043

 
1,555

LTIP Units
—

 
—

 
103

 
—

Weighted average number of common shares outstanding - diluted(1)
124,067

 
126,937

 
125,203

 
127,229

 
 
 
 
 
 
 
 
Net (loss) income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
 
 
Basic
$
(0.06
)
 
$
0.57

 
$
0.11

 
$
0.88

Diluted
$
(0.06
)
 
$
0.56

 
$
0.11

 
$
0.87

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

 
2,363

 
2,363

 
2,363

Effect of RSUs(1)
1,063

 
—

 
—

 
—

Effect of LTIP Units(1)
126

 
—

 
—

 
—


(1)
As of June 30, 2017, we had granted RSUs and LTIP Units to certain employees, officers, and trustees.  The RSUs and LTIP Units contain service and market-based vesting components.  None of the RSUs or LTIP Units have vested. If the market-based vesting component of these awards was measured as of June 30, 2017, and 2016, 1,191 and 1,429 common shares would be issued, respectively. Using a weighted average basis, 0 and 1,429 common shares are reflected in diluted earnings per share for the three months ended June 30, 2017 and 2016, respectively and 1,146 and 1,555 common shares are reflected in diluted earnings per share for the six months ended June 30, 2017 and 2016, respectively. The RSUs and LTIP Units are excluded from the diluted earnings per share calculation for the three months ended June 30, 2017 because including them results in anti-dilution for that period.
(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.