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Earnings Per Common Share
 12 Months Ended
Dec. 31, 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):
 
Year Ended December 31,
 
2018
 
2017
 
2016
Numerator for earnings per common share - basic:
 
 
 
 
 
Net income
$
272,908

 
$
29,666

 
$
232,894

Net income attributable to noncontrolling interest
(95
)
 
(10
)
 
—

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

 
—

 
(9,609
)
Numerator for net income per share - basic
$
264,825


$
21,668

 
$
205,329

 
 
 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
 
 
Net income
$
272,908

 
$
29,666

 
$
232,894

Net income attributable to noncontrolling interest
(95
)
 
—

 
—

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

 
—

 
(9,609
)
Numerator for net income per share - diluted
$
264,825

 
$
21,678

 
$
205,329

 
 
 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
 
 
Weighted average number of common shares outstanding - basic(1)
122,314

 
124,125

 
125,474

RSUs(2)
956

 
912

 
1,294

LTIP Units(3)
115

 
92

 
—

Weighted average number of common shares outstanding - diluted
123,385

 
125,129

 
126,768

 
 
 
 
 
 
Net income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
Basic
$
2.17

 
$
0.17

 
$
1.64

Diluted
$
2.15

 
$
0.17

 
$
1.62

 
 
 
 
 
 
Anti-dilutive securities:
 
 
 
 
 
Effect of Series D preferred shares; 6 1/2% cumulative convertible(4)
2,563

 
2,363

 
2,363

Effect of LTIP Units
43

 
—

 
—

Effect of OP Units(5)
1

 
—

 
—


(1)
The years ended December 31, 2018, 2017 and 2016, include 308, 33 and 0 weighted-average, unvested, earned RSUs, respectively.
(2)
Represents weighted-average number of common shares that would have been issued if the year-end was the measurement date for RSUs.
(3)
Represents the weighted-average dilutive shares issuable from LTIP Units if the year-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.