Earnings Per Common Share

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator for earnings per common share - basic:
Net income (loss)	$	2,903	$	(1,940)	$	4,208	$	(11,978)
Net (income) loss attributable to noncontrolling interest	(7)		4		(10)		24
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)


Numerator for net income (loss) per share - basic	$	899	$	(3,933)	$	204	$	(15,948)

Numerator for earnings per common share - diluted:
Net income (loss)	$	2,903	$	(1,940)	$	4,208	$	(11,978)
Net (income) loss attributable to noncontrolling interest	(7)		4		(10)		24
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)

Numerator for net income (loss) per share - diluted	$	899	$	(3,933)	$	204	$	(15,948)

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	112,005		122,189		112,868		122,096
RSUs(2)	1,158		—		757		—
LTIP Units(3)	217		—		160		—


Weighted average number of common shares outstanding - diluted	113,380		122,189		113,785		122,096

Net income (loss) per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.01	$	(0.03)	$	0.00	$	(0.13)
Diluted	$	0.01	$	(0.03)	$	0.00	$	(0.13)

Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible	3,237		3,237		3,237		3,237
Effect of RSUs(2)	—		466		—		657
Effect of LTIP Units(3)	—		65		—		107
Effect of OP Units(5)	277		215		272		193

(1) The three months ended June 30, 2022 and 2021, include 86 and 266 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2022 and 2021, include 124 and 251 weighted-average, unvested, earned RSUs, respectively.

(2) 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.

(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, 2022 and 2021, because including the Series D preferred shares would also require that the preferred distributions be added back to net income (loss), 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.