Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

The following table sets forth the computation of basic and diluted earnings per share (amounts in thousands except per share amounts):


	Three Months Ended March 31,
		2021		2020
Numerator for earnings per common share - basic:
Net (loss) income		$	(10,038)	$	425,507
Net loss (income) attributable to noncontrolling interest		20		(748)
Preferred distributions		(1,997)		(1,997)


Numerator for net (loss) income per share - basic		$	(12,015)	$	422,762

Numerator for earnings per common share - diluted:
Net (loss) income		$	(10,038)	$	425,507
Net income attributable to noncontrolling interests		20		(748)
Preferred distributions		(1,997)		—

Numerator for net (loss) income per share - diluted		$	(12,015)	$	424,759

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)		122,002		122,148
RSUs(2)		—		1,524
LTIP Units(3)		—		76

Series D preferred shares; 6.50% cumulative convertible(4)		—		2,857
Weighted average number of common shares outstanding - diluted		122,002		126,605

Net (loss) income per common share attributable to Equity Commonwealth common shareholders:
Basic		$	(0.10)	$	3.46
Diluted		$	(0.10)	$	3.35

Anti-dilutive securities:
Effect of Series D preferred shares; 6.50% cumulative convertible(4)		3,237		—
Effect of RSUs(2)		848		—
Effect of LTIP Units		149		89
Effect of OP Units(5)		170		73

(1) The three months ended March 31, 2021 and 2020, include 236 and 177 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 March 31, 2021, 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.