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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2018
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,
 
2018
 
2017
 
2018
 
2017
Numerator for earnings per common share - basic:
 

 
 

 
 
 
 
Net income (loss)
$
37,047

 
$
(5,811
)
 
$
224,709

 
$
18,011

Net (income) loss attributable to noncontrolling interest
(14
)
 
2

 
(77
)
 
(6
)
Preferred distributions
(1,997
)
 
(1,997
)
 
(3,994
)
 
(3,994
)
Numerator for net income (loss) per share - basic
$
35,036

 
$
(7,806
)
 
$
220,638


$
14,011

 
 
 
 
 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
 
 
 
 
Net income (loss)
$
37,047

 
$
(5,811
)
 
$
224,709

 
$
18,011

Net income attributable to noncontrolling interests
(14
)
 
—

 
(77
)
 
—

Preferred distributions
(1,997
)
 
(1,997
)
 
—

 
(3,994
)
Numerator for net income (loss) per share - diluted
$
35,036

 
$
(7,808
)
 
$
224,632

 
$
14,017

 
 
 
 
 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic(1)
121,822

 
124,067

 
122,839

 
124,057

RSUs(2)
762

 
—

 
746

 
1,043

LTIP Units(3)
65

 
—

 
79

 
103

Series D preferred shares; 6 1/2% cumulative convertible(4)
—

 
—

 
2,363

 
—

Weighted average number of common shares outstanding - diluted
122,649

 
124,067

 
126,027

 
125,203

 
 
 
 
 
 
 
 
Net income (loss) per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
 
 
Basic
$
0.29

 
$
(0.06
)
 
$
1.80

 
$
0.11

Diluted
$
0.29

 
$
(0.06
)
 
$
1.78

 
$
0.11

 
 
 
 
 
 
 
 
Anti-dilutive securities:
 
 
 
 
 
 
 
Effect of Series D preferred shares; 6 1/2% cumulative convertible(4)
2,363

 
2,363

 
—

 
2,363

Effect of RSUs(2)
—

 
1,063

 
—

 
—

Effect of LTIP Units
42

 
126

 
42

 
—

Effect of OP Units(5)
1

 
—

 
1

 
—


(1)
The three months ended June 30, 2018 and 2017, includes 362 and 0 weighted-average, unvested, measured RSUs, respectively, and the six months ended June 30, 2018 and 2017, includes 335 and 0 weighted-average, unvested, measured RSUs, respectively.
(2)
Represents weighted-average number of common shares that would have been issued if the quarter-end was the measurement date for 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 and 2017 and the six months ended June 30, 2017 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.