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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common 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 March 31,
 
2018
 
2017
Numerator for earnings per common share - basic:
 
 
 
Net income
$
187,662

 
$
23,822

Net income attributable to noncontrolling interest
(63
)
 
(8
)
Preferred distributions
(1,997
)
 
(1,997
)
Numerator for net income per share - basic
$
185,602


$
21,817

 
 
 
 
Numerator for earnings per common share - diluted:
 
 
 
Net income
$
187,662

 
$
23,822

Preferred distributions
—

 
(1,997
)
Numerator for net income per share - diluted
$
187,662

 
$
21,825

 
 
 
 
Denominator for earnings per common share - basic and diluted:
 
 
 
Weighted average number of common shares outstanding - basic(1)
123,867

 
124,047

RSUs(2)
730

 
1,023

LTIP Units(2)(3)
136

 
80

OP Units (4)
1

 
—

Series D preferred shares; 6 1/2% cumulative convertible
2,363

 
—

Weighted average number of common shares outstanding - diluted
127,097

 
125,150

 
 
 
 
Net income per common share attributable to Equity Commonwealth common shareholders:
 
 
 
Basic
$
1.50

 
$
0.18

Diluted
$
1.48

 
$
0.17

 
 
 
 
Anti-dilutive securities:
 
 
 
Effect of Series D preferred shares; 6 1/2% cumulative convertible(5)
—

 
2,363


(1)
The three months ended March 31, 2018 and 2017, includes 307 and 0 weighted-average, unvested, measured RSUs, respectively.
(2)
Represents weighted-average number of common shares that would have been issued if the quarter-end was the measurement date for RSUs and performance-based LTIPs.
(3)
Represents weighted-average time-based and performance-based LTIPs that would have been issued if the quarter-end was the measurement date for the periods shown.
(4)
Beneficial interests in the Operating Trust.
(5)
The Series D preferred shares are excluded from the diluted earnings per share calculation for the three months ended March 31, 2017 because including the Series D preferred shares would also require that the preferred distributions be added back to net income, resulting in anti-dilution.