Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (amounts in thousands except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator for earnings per common share - basic:
Net income	$	26,232	$	12,221	$	64,819	$	16,429
Net income attributable to noncontrolling interest	(86)		(31)		(204)		(41)
Preferred distributions	(1,997)		(1,997)		(5,991)		(5,991)
Numerator for net income per share - basic	$	24,149	$	10,193	$	58,624	$	10,397
Numerator for earnings per common share - diluted:
Net income	$	26,232	$	12,221	$	64,819	$	16,429
Net income attributable to noncontrolling interest	(86)		(31)		(204)		(41)
Preferred distributions	(1,997)		(1,997)		(5,991)		(5,991)
Numerator for net income per share - diluted	$	24,149	$	10,193	$	58,624	$	10,397
Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)	108,931		111,305		109,494		112,341
RSUs(2)	1,176		1,111		1,299		875
LTIP Units(3)	110		180		123		167
Weighted average number of common shares outstanding - diluted	110,217		112,596		110,916		113,383
Net income per common share attributable to Equity Commonwealth common shareholders:
Basic	$	0.22	$	0.09	$	0.54	$	0.09
Diluted	$	0.22	$	0.09	$	0.53	$	0.09
Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible	4,032		3,365		4,032		3,365
Effect of OP Units and time-based LTIP Units(5)	361		280		348		275

(1) The three months ended September 30, 2023 and 2022, include 131 and 86 weighted-average, unvested, earned RSUs, respectively, and the nine months ended September 30, 2023 and 2022, include 125 and 111 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.