Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Numerator for earnings per common share - basic:
Net (loss) income	$	(16,429)	$	452,093	$	492,866
Net loss (income) attributable to noncontrolling interest	33		(799)		(186)
Preferred distributions	(7,988)		(7,988)		(7,988)

Numerator for net (loss) income per share - basic	$	(24,384)	$	443,306	$	484,692

Numerator for earnings per common share - diluted:
Net (loss) income	$	(16,429)	$	452,093	$	492,866
Net loss (income) attributable to noncontrolling interest	33		(799)		(186)
Preferred distributions	(7,988)		—		—

Numerator for net (loss) income per share - diluted	$	(24,384)	$	451,294	$	492,680

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	121,411		121,786		122,091
RSUs(2)	—		1,508		1,138
LTIP Units(3)	—		75		174
Series D preferred shares; 6.50% cumulative convertible	—		3,237		2,857
Weighted average number of common shares outstanding - diluted	121,411		126,606		126,260

Net (loss) income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	(0.20)	$	3.64	$	3.97
Diluted	$	(0.20)	$	3.56	$	3.90

Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible	3,237		—		—
Effect of RSUs(2)	549		—		—
Effect of LTIP Units	84		119		33
Effect of OP Units(5)	208		102		14

(1) The years ended December 31, 2021, 2020 and 2019, include 256, 157, and 210 weighted-average, unvested, earned RSUs, respectively.

(2) Represents the weighted-average number of common shares that would have been issued if the year-end was the measurement date for unvested, unearned 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 for the year ended December 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. The RSUs and market-based LTIP Units are excluded from the diluted earnings per share calculation for the year ended December 31, 2021, because including them results in anti-dilution.

(5) Beneficial interests in the Operating Trust.