Earnings Per Share / Unit (EPS / EPU)

12 Months Ended

Dec. 31, 2023

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, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Numerator:


Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	274,584	$	358,786	$	270,698
Denominator (In Thousands):
Weighted Average Shares - Basic	132,264		132,024		129,688
Effect of Dilutive Securities:
Performance Units (See Note 11)	77		79		87
Weighted Average Shares - Diluted	132,341		132,103		129,775
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	2.08	$	2.72	$	2.09
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	2.07	$	2.72	$	2.09

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


	Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Numerator:


Net Income Available to Unitholders	$	281,150	$	366,642	$	276,268
Denominator (In Thousands):
Weighted Average Units - Basic	134,777		134,229		131,740
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
Performance Units and certain Performance RLP Units (See Note 11)	472		452		497
Weighted Average Units - Diluted	135,249		134,681		132,237
Basic EPU:
Net Income Available to Unitholders	$	2.09	$	2.73	$	2.10
Diluted EPU:
Net Income Available to Unitholders	$	2.08	$	2.72	$	2.09

At December 31, 2023, 2022 and 2021, participating securities for the Company include 100,795, 143,080 and 147,937, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2023, 2022, and 2021, participating securities for the Operating Partnership include 253,955, 336,030 and 378,548, 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.