Earnings Per Share / Unit (EPS / EPU)

3 Months Ended

Mar. 31, 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 March 31, 2023		Three Months Ended March 31, 2022
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	55,967	$	36,258
Net Income Allocable to Participating Securities	(47)		(31)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	55,920	$	36,227
Denominator (In Thousands):
Weighted Average Shares - Basic	132,211		131,811
Effect of Dilutive Securities:
Performance Units (See Note 9)	88		74
Weighted Average Shares - Diluted	132,299		131,885
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.42	$	0.27

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


	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Numerator:
Net Income Available to Unitholders and Participating Securities	$	57,394	$	37,105
Net Income Allocable to Participating Securities	(134)		(88)
Net Income Available to Unitholders	$	57,260	$	37,017
Denominator (In Thousands):
Weighted Average Units - Basic	134,686		134,073
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	545		422
Weighted Average Units - Diluted	135,231		134,495
Basic EPU:
Net Income Available to Unitholders	$	0.43	$	0.28
Diluted EPU:
Net Income Available to Unitholders	$	0.42	$	0.28

At March 31, 2023 and 2022, participating securities for the Company included 130,728 and 125,185, respectively, Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2023 and 2022, participating securities for the Operating Partnership included 347,165 and 326,473, respectively, 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.