Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

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,
	2023		2022		2023		2022
Numerator for earnings per common share - basic:
Net income	$	15,836	$	2,903	$	38,587	$	4,208
Net income attributable to noncontrolling interest	(52)		(7)		(118)		(10)
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)
Numerator for net income per share - basic	$	13,787	$	899	$	34,475	$	204
Numerator for earnings per common share - diluted:
Net income	$	15,836	$	2,903	$	38,587	$	4,208
Net income attributable to noncontrolling interest	(52)		(7)		(118)		(10)
Preferred distributions	(1,997)		(1,997)		(3,994)		(3,994)
Numerator for net income per share - diluted	$	13,787	$	899	$	34,475	$	204
Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	109,839		112,005		109,779		112,868
RSUs(2)	1,288		1,158		1,361		757
LTIP Units(3)	110		217		129		160
Weighted average number of common shares outstanding - diluted	111,237		113,380		111,269		113,785
Net income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.13	$	0.01	$	0.31	$	0.00
Diluted	$	0.12	$	0.01	$	0.31	$	0.00
Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible	4,032		3,237		4,032		3,237
Effect of OP Units and time-based LTIP Units(5)	357		277		341		272

(1) The three months ended June 30, 2023 and 2022, include 131 and 86 weighted-average, unvested, earned RSUs, respectively, and the six months ended June 30, 2023 and 2022, include 122 and 124 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 market-based LTIP Units if the quarter-end was the measurement date for the periods shown.

(4) These securities are excluded from the diluted earnings per share calculation for one or more of the periods presented because including them results in anti-dilution.

(5) Beneficial interests in the Operating Trust.