Earnings Per Share / Unit (EPS / EPU)

12 Months Ended

Dec. 31, 2021

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, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	270,997	$	195,989	$	238,775
Net Income Allocable to Participating Securities	(299)		(314)		(518)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	270,698	$	195,675	$	238,257
Denominator (In Thousands):
Weighted Average Shares - Basic	129,688		127,711		126,392
Effect of Dilutive Securities:
Performance Units (See Note 11)	87		193		299
Weighted Average Shares - Diluted	129,775		127,904		126,691
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	2.09	$	1.53	$	1.89
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	2.09	$	1.53	$	1.88

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


	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
Numerator:
Net Income Available to Unitholders and Participating Securities	$	277,038	$	199,934	$	243,628
Net Income Allocable to Participating Securities	(770)		(662)		(732)
Net Income Available to Unitholders	$	276,268	$	199,272	$	242,896
Denominator (In Thousands):
Weighted Average Units - Basic	131,740		129,752		128,831
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
Performance Units and certain Performance RLP Units (See Note 11)	497		375		410
Weighted Average Units - Diluted	132,237		130,127		129,241
Basic EPU:
Net Income Available to Unitholders	$	2.10	$	1.54	$	1.89
Diluted EPU:
Net Income Available to Unitholders	$	2.09	$	1.53	$	1.88

At December 31, 2021, 2020 and 2019, participating securities for the Company include 147,937, 211,920 and 296,371, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2021, 2020, and 2019, participating securities for the Operating Partnership include 378,548, 444,407 and 421,928, 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.