Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 2016

Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")

The computation of basic and diluted EPS of the Company is presented below:



	Three Months Ended September 30, 2016			Three Months Ended September 30, 2015			Nine Months Ended September 30, 2016			Nine Months Ended September 30, 2015
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	31,519		$	13,917		$	97,436		$	30,302
Net Income Allocable to Participating Securities	(110		)	(50		)	(329		)	(141		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	31,409		$	13,867		$	97,107		$	30,161
Denominator (In Thousands):
Weighted Average Shares - Basic	116,467			110,356			114,491			110,338
Effect of Dilutive Securities:
LTIP Unit Awards (As Defined in Note 9)	397			492			318			397
Weighted Average Shares - Diluted	116,864			110,848			114,809			110,735
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.27		$	0.13		$	0.85		$	0.27
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.27		$	0.13		$	0.85		$	0.27

The computation of basic and diluted EPU of the Operating Partnership is presented below:



	Three Months Ended September 30, 2016			Three Months Ended September 30, 2015			Nine Months Ended September 30, 2016			Nine Months Ended September 30, 2015
Numerator:
Net Income Available to Unitholders and Participating Securities	$	32,630		$	14,438		$	100,959		$	31,539
Net Income Allocable to Participating Securities	(110		)	(50		)	(328		)	(141		)
Net Income Available to Unitholders	$	32,520		$	14,388		$	100,631		$	31,398
Denominator (In Thousands):
Weighted Average Units - Basic	120,740			114,720			118,781			114,705
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards (As Defined in Note 9)	397			492			318			397
Weighted Average Units - Diluted	121,137			115,212			119,099			115,102
Basic EPU:
Net Income Available to Unitholders	$	0.27		$	0.13		$	0.85		$	0.27
Diluted EPU:
Net Income Available to Unitholders	$	0.27		$	0.12		$	0.84		$	0.27

Participating securities include 406,855 and 388,695 of unvested restricted stock or restricted Unit awards outstanding at September 30, 2016 and 2015, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.