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, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,705		$	23,182		$	4,862
Noncontrolling Interest Allocable to Continuing Operations	(2,903		)	(813		)	396
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc.	73,554			22,294			5,258
Preferred Dividends	—			(1,019		)	(8,733		)
Redemption of Preferred Stock	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	19,813		$	(9,142	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(1,082		)	(1,517		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.	$	—		$	26,641		$	34,887
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	46,454		$	25,745
Denominator (In Thousands):
Weighted Average Shares - Basic	110,352			109,922			106,995
Effect of Dilutive Securities:
LTIP Unit Awards	429			403			—
Weighted Average Shares - Diluted	110,781			110,325			106,995
Basic EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.42		$	0.24
Diluted EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.42		$	0.24

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



	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,820		$	23,434		$	4,908
Noncontrolling Interest Allocable to Continuing Operations	(138		)	(62		)	(36		)
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to Unitholders	76,434			23,297			4,872
Preferred Unit Distributions	—			(1,019		)	(8,733		)
Redemption of Preferred Units	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to Unitholders	$	76,434		$	20,816		$	(9,528	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(10		)	(5		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	27,713		$	36,399
Net Income Available to Unitholders and Participating Securities	$	76,682		$	48,704		$	27,033
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to Unitholders	$	76,434		$	48,529		$	26,871
Denominator (In Thousands):
Weighted Average Units - Basic	114,709			114,388			111,646
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	429			403			—
Weighted Average Units - Diluted	115,138			114,791			111,646
Basic EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.67		$	0.42		$	0.24
Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.66		$	0.42		$	0.24

Participating securities include 387,947, 463,774 and 488,861 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2015, 2014 and 2013, 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 (after reduction for preferred dividends or general partner preferred Unit distributions and redemption of preferred stock or general partner preferred Units) or common distributions declared.

The number of weighted average shares or weighted average Units—diluted is the same as the number of weighted average shares or weighted average Units—basic for the year ended December 31, 2013, as the effect of restricted unit awards and LTIP Unit Awards (as defined in Note 10), which do not participate in non-forfeitable distributions of the Company or Operating Partnership, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to common stockholders or Unitholders. The following table discloses the number of non-participating securities outstanding for the year ended December 31, 2013 that were excluded from the computation of diluted EPS and EPU:



	Number of Awards Outstanding at December 31, 2013
Non-Participating Securities:
Restricted Unit Awards	73,400
LTIP Unit Awards	718,960