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Earnings Per Common Share
 9 Months Ended
Sep. 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 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.