Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 2023

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, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	75,012	$	123,888	$	185,615	$	277,137
Net Income Allocable to Participating Securities	(74)		(124)		(174)		(258)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	74,938	$	123,764	$	185,441	$	276,879
Denominator (In Thousands):
Weighted Average Shares - Basic	132,264		132,092		132,241		131,986
Effect of Dilutive Securities:
Performance Units (See Note 9)	75		84		84		71
Weighted Average Shares - Diluted	132,339		132,176		132,325		132,057
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.57	$	0.94	$	1.40	$	2.10

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


	Three Months Ended September 30, 2023		Three Months Ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Numerator:
Net Income Available to Unitholders and Participating Securities	$	76,917	$	126,789	$	190,334	$	283,313
Net Income Allocable to Participating Securities	(199)		(307)		(478)		(664)
Net Income Available to Unitholders	$	76,718	$	126,482	$	189,856	$	282,649
Denominator (In Thousands):
Weighted Average Units - Basic	134,704		134,282		134,697		134,212
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	462		479		517		404
Weighted Average Units - Diluted	135,166		134,761		135,214		134,616
Basic EPU:
Net Income Available to Unitholders	$	0.57	$	0.94	$	1.41	$	2.11
Diluted EPU:
Net Income Available to Unitholders	$	0.57	$	0.94	$	1.40	$	2.10

At September 30, 2023 and 2022, participating securities for the Company included 129,019 and 144,121, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2023 and 2022, participating securities for the Operating Partnership included 351,796 and 337,071, respectively, of Service Awards and certain Performance Awards (see Note 9), 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.