Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

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,
		2022		2021
Numerator for earnings per common share - basic:
Net income (loss)		$	1,305	$	(10,038)
Net (income) loss attributable to noncontrolling interest		(3)		20
Preferred distributions		(1,997)		(1,997)


Numerator for net loss per share - basic		$	(695)	$	(12,015)

Numerator for earnings per common share - diluted:
Net income (loss)		$	1,305	$	(10,038)
Net (income) loss attributable to noncontrolling interest		(3)		20
Preferred distributions		(1,997)		(1,997)

Numerator for net loss per share - diluted		$	(695)	$	(12,015)

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)		113,740		122,002




Weighted average number of common shares outstanding - diluted		113,740		122,002

Net loss per common share attributable to Equity Commonwealth common shareholders:
Basic		$	(0.01)	$	(0.10)
Diluted		$	(0.01)	$	(0.10)

Anti-dilutive securities(2):
Effect of Series D preferred shares; 6.50% cumulative convertible		3,237		3,237
Effect of RSUs(3)		357		848
Effect of LTIP Units(4)		148		149
Effect of OP Units(5)		223		170

(1) The three months ended March 31, 2022 and 2021, include 162 and 236 weighted-average, unvested, earned RSUs, respectively.

(2) The Series D preferred shares are excluded from the diluted earnings per share calculation for the three months ended March 31, 2022 and 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 three months ended March 31, 2022 and 2021, because including them results in anti-dilution.

(3) Represents the weighted-average number of common shares that would have been issued if the quarter-end was the measurement date for unvested, unearned RSUs.

(4) Represents the weighted-average dilutive shares issuable from LTIP Units if the quarter-end was the measurement date for the periods shown.

(5) Beneficial interests in the Operating Trust.