Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
Numerator for earnings per common share - basic:
Net income		$	25,458	$	22,751
Net income attributable to noncontrolling interest		(53)		(66)
Preferred distributions		(1,997)		(1,997)


Numerator for net income per share - basic		$	23,408	$	20,688

Numerator for earnings per common share - diluted:
Net income		$	25,458	$	22,751
Net income attributable to noncontrolling interest		(53)		(66)
Preferred distributions		(1,997)		(1,997)

Numerator for net income per share - diluted		$	23,408	$	20,688

Denominator for earnings per common share - basic and diluted:
Weighted average number of common shares outstanding - basic(1)		107,216		109,720
RSUs(2)		898		1,433
LTIP Units(3)		110		147


Weighted average number of common shares outstanding - diluted		108,224		111,300

Net income per common share attributable to Equity Commonwealth common shareholders:
Basic		$	0.22	$	0.19
Diluted		$	0.22	$	0.19

Anti-dilutive securities(4):
Effect of Series D preferred shares; 6.50% cumulative convertible		4,032		4,032


Effect of OP Units and time-based LTIP Units(5)		223		324

(1) The three months ended March 31, 2024 and 2023, include 129 and 113 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.