Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per 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,
	2020		2019		2020		2019
Numerator for earnings per common share - basic:
Net income	$	27,886	$	242,377	$	453,393	$	452,974
Net income attributable to noncontrolling interest	(54)		(91)		(802)		(170)
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)
Numerator for net income per share - basic	$	25,835	$	240,289	$	448,597	$	448,810
Numerator for earnings per common share - diluted:
Net income	$	27,886	$	242,377	$	453,393	$	452,974
Net income attributable to noncontrolling interests	(54)		(91)		(802)		(170)
Preferred distributions	(1,997)		—		—		—
Numerator for net income per share - diluted	$	25,835	$	242,286	$	452,591	$	452,804
Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	121,655		122,122		121,901		122,041
RSUs(2)	1,524		1,005		1,524		1,064
LTIP Units(3)	76		172		76		173
Series D preferred shares; 6.50% cumulative convertible(4)	—		2,563		2,857		2,563
Weighted average number of common shares outstanding - diluted	123,255		125,862		126,358		125,841
Net income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.21	$	1.97	$	3.68	$	3.68
Diluted	$	0.21	$	1.93	$	3.58	$	3.60
Anti-dilutive securities:
Effect of Series D preferred shares; 6.50% cumulative convertible(4)	2,857		—		—		—
Effect of LTIP Units	124		32		107		34
Effect of OP Units(5)	110		14		92		12

(1) The three months ended June 30, 2020 and 2019, include 150 and 220 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2020 and 2019, include 164 and 203 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, 2020 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.