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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2019
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,
 
2019
 
2018
 
2019
 
2018
Numerator for earnings per common share - basic:
 

 
 

 
 
 
 
Net income
$
242,377

 
$
37,047

 
$
452,974

 
$
224,709

Net income attributable to noncontrolling interest
(91
)
 
(14
)
 
(170
)
 
(77
)
Preferred distributions
(1,997
)
 
(1,997
)
 
(3,994
)
 
(3,994
)
Numerator for net income per share - basic
$
240,289

 
$
35,036

 
$
448,810


$
220,638

 
 
 
 
 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
 
 
 
 
Net income
$
242,377

 
$
37,047

 
$
452,974

 
$
224,709

Net income attributable to noncontrolling interests
(91
)
 
(14
)
 
(170
)
 
(77
)
Preferred distributions
—

 
(1,997
)
 
—

 
—

Numerator for net income per share - diluted
$
242,286

 
$
35,036

 
$
452,804

 
$
224,632

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

 
121,822

 
122,041

 
122,839

RSUs(2)
1,005

 
762

 
1,064

 
746

LTIP Units(3)
172

 
65

 
173

 
79

Series D preferred shares; 6 1/2% cumulative convertible(4)
2,563

 
—

 
2,563

 
2,363

Weighted average number of common shares outstanding - diluted
125,862

 
122,649

 
125,841

 
126,027

 
 
 
 
 
 
 
 
Net income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
 
 
 
 
Basic
$
1.97

 
$
0.29

 
$
3.68

 
$
1.80

Diluted
$
1.93

 
$
0.29

 
$
3.60

 
$
1.78

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

 
2,363

 
—

 
—

Effect of LTIP Units
32

 
42

 
34

 
42

Effect of OP Units(5)
14

 
1

 
12

 
1


(1)
The three months ended June 30, 2019 and 2018, includes 220 and 362 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2019 and 2018, includes 203 and 335 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 unvested, unearned 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 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.