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, | | 2018 | | 2017 | | 2018 | | 2017 | Numerator for earnings per common share - basic: | |
| | |
| | | | | Net income | $ | 32,777 |
| | $ | 33,224 |
| | $ | 257,486 |
| | $ | 51,235 |
| Net income attributable to noncontrolling interest | (13 | ) | | (12 | ) | | (90 | ) | | (18 | ) | Preferred distributions | (1,997 | ) | | (1,997 | ) | | (5,991 | ) | | (5,991 | ) | Numerator for net income per share - basic | $ | 30,767 |
| | $ | 31,215 |
| | $ | 251,405 |
|
| $ | 45,226 |
| | | | | | | | | Numerator for earnings per common share - diluted: | | | | | | | | Net income | $ | 32,777 |
| | $ | 33,224 |
| | $ | 257,486 |
| | $ | 51,235 |
| Net income attributable to noncontrolling interests | (13 | ) | | — |
| | (90 | ) | | — |
| Preferred distributions | (1,997 | ) | | (1,997 | ) | | (5,991 | ) | | (5,991 | ) | Numerator for net income per share - diluted | $ | 30,767 |
| | $ | 31,227 |
| | $ | 251,405 |
| | $ | 45,244 |
| | | | | | | | | Denominator for earnings per common share - basic and diluted: | | | | | | | | Weighted average number of common shares outstanding - basic(1) | 121,845 |
| | 124,089 |
| | 122,504 |
| | 124,068 |
| RSUs(2) | 894 |
| | 983 |
| | 795 |
| | 1,023 |
| LTIP Units(3) | 112 |
| | 103 |
| | 90 |
| | 103 |
| Weighted average number of common shares outstanding - diluted | 122,851 |
| | 125,175 |
| | 123,389 |
| | 125,194 |
| | | | | | | | | Net income per common share attributable to Equity Commonwealth common shareholders: | | | | | | | | Basic | $ | 0.25 |
| | $ | 0.25 |
| | $ | 2.05 |
| | $ | 0.36 |
| Diluted | $ | 0.25 |
| | $ | 0.25 |
| | $ | 2.04 |
| | $ | 0.36 |
| | | | | | | | | Anti-dilutive securities: | | | | | | | | Effect of Series D preferred shares; 6 1/2% cumulative convertible(4) | 2,363 |
| | 2,363 |
| | 2,363 |
| | 2,363 |
| Effect of LTIP Units | 45 |
| | — |
| | 43 |
| | — |
| Effect of OP Units(5) | 1 |
| | — |
| | 1 |
| | — |
|
| | (1) | The three months ended September 30, 2018 and 2017, includes 362 and 0 weighted-average, unvested, earned RSUs, respectively, and the nine months ended September 30, 2018 and 2017, includes 344 and 0 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 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 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. |
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