Earnings Per Share / Unit (EPS / EPU)

12 Months Ended

Dec. 31, 2022

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

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


	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	359,134	$	270,997	$	195,989
Net Income Allocable to Participating Securities	(348)		(299)		(314)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	358,786	$	270,698	$	195,675
Denominator (In Thousands):
Weighted Average Shares - Basic	132,024		129,688		127,711
Effect of Dilutive Securities:
Performance Units (See Note 11)	79		87		193
Weighted Average Shares - Diluted	132,103		129,775		127,904
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	2.72	$	2.09	$	1.53

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


	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Numerator:
Net Income Available to Unitholders and Participating Securities	$	367,519	$	277,038	$	199,934
Net Income Allocable to Participating Securities	(877)		(770)		(662)
Net Income Available to Unitholders	$	366,642	$	276,268	$	199,272
Denominator (In Thousands):
Weighted Average Units - Basic	134,229		131,740		129,752
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
Performance Units and certain Performance RLP Units (See Note 11)	452		497		375
Weighted Average Units - Diluted	134,681		132,237		130,127
Basic EPU:
Net Income Available to Unitholders	$	2.73	$	2.10	$	1.54
Diluted EPU:
Net Income Available to Unitholders	$	2.72	$	2.09	$	1.53

At December 31, 2022, 2021 and 2020, participating securities for the Company include 143,080, 147,937 and 211,920, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2022, 2021, and 2020, participating securities for the Operating Partnership include 336,030, 378,548 and 444,407, respectively, of Service Awards and certain Performance Awards (see Note 11), 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.