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Earnings Per Common Share
 12 Months Ended
Dec. 31, 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):
 
Year Ended December 31,
 
2017
 
2016
 
2015
Numerator for earnings per common share - basic:
 
 
 
 
 
Net income
$
29,666

 
$
232,894

 
$
99,857

Net income attributable to noncontrolling interest
(10
)
 
—

 
—

Preferred distributions
(7,988
)
 
(17,956
)
 
(27,924
)
Excess fair value of consideration paid over carrying value of preferred shares
—

 
(9,609
)
 
—

Numerator for net income per share - basic
$
21,668


$
205,329

 
$
71,933

 
 
 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
 
 
Net income
$
29,666

 
$
232,894

 
$
99,857

Preferred distributions
(7,988
)
 
(17,956
)
 
(27,924
)
Excess fair value of consideration paid over carrying value of preferred shares
—

 
(9,609
)
 
—

Numerator for net income per share - diluted
$
21,678

 
$
205,329

 
$
71,933

 
 
 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
 
 
Weighted average number of common shares outstanding - basic
124,125

 
125,474

 
128,621

RSUs
912

 
1,294

 
816

LTIP Units
92

 
—

 
—

Weighted average number of common shares outstanding - diluted(1)
125,129

 
126,768

 
129,437

 
 
 
 
 
 
Net income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
Basic
$
0.17

 
$
1.64

 
$
0.56

Diluted
$
0.17

 
$
1.62

 
$
0.56

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

 
2,363

 
2,363


(1)
As of December 31, 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. If the market-based vesting component of these awards was measured as of December 31, 2017, 2016 and 2015, 673, 1,027 and 1,143 common shares would be issued, 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.