Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

Earnings Per Common ShareThe 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,
	2021		2020		2021		2020
Numerator for earnings per common share - basic:
Net (loss) income	$	(1,940)	$	27,886	$	(11,978)	$	453,393
Net loss (income) attributable to noncontrolling interest	4		(54)		24		(802)
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)


Numerator for net (loss) income per share - basic	$	(3,933)	$	25,835	$	(15,948)	$	448,597

Numerator for earnings per common share - diluted:
Net (loss) income	$	(1,940)	$	27,886	$	(11,978)	$	453,393
Net loss (income) attributable to noncontrolling interests	4		(54)		24		(802)
Preferred distributions	(1,997)		(1,997)		(3,994)		—

Numerator for net (loss) income per share - diluted	$	(3,933)	$	25,835	$	(15,948)	$	452,591

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	122,189		121,655		122,096		121,901
RSUs(2)	—		1,524		—		1,524
LTIP Units(3)	—		76		—		76

Series D preferred shares; 6.50% cumulative convertible	—		—		—		2,857
Weighted average number of common shares outstanding - diluted	122,189		123,255		122,096		126,358

Net (loss) income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	(0.03)	$	0.21	$	(0.13)	$	3.68
Diluted	$	(0.03)	$	0.21	$	(0.13)	$	3.58

Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible	3,237		2,857		3,237		—
Effect of RSUs(2)	466		—		657		—
Effect of LTIP Units	65		124		107		107
Effect of OP Units(5)	215		110		193		92

(1) The three months ended June 30, 2021 and 2020, include 266 and 150 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2021 and 2020, include 251 and 164 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 and six months ended June 30, 2021 and 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. The RSUs and market-based LTIP Units are excluded from the diluted earnings per share calculation for the three and six months ended June 30, 2021, because including them results in anti-dilution.

(5) Beneficial interests in the Operating Trust.