Earnings Per Share / Unit (EPS / EPU)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024		Three Months Ended March 31, 2023
Numerator:


Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	68,407	$	55,920
Denominator (In Thousands):
Weighted Average Shares - Basic	132,360		132,211
Effect of Dilutive Securities:
Performance Units (See Note 9)	46		88
Weighted Average Shares - Diluted	132,406		132,299
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.52	$	0.42

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


	Three Months Ended March 31, 2024		Three Months Ended March 31, 2023
Numerator:


Net Income Available to Unitholders	$	70,145	$	57,260
Denominator (In Thousands):
Weighted Average Units - Basic	135,068		134,686
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	319		545
Weighted Average Units - Diluted	135,387		135,231
Basic EPU:
Net Income Available to Unitholders	$	0.52	$	0.43
Diluted EPU:
Net Income Available to Unitholders	$	0.52	$	0.42

At March 31, 2024 and 2023, participating securities for the Company included 102,704 and 130,728, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2024 and 2023, participating securities for the Operating Partnership included 271,001 and 347,165, 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.