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, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Numerator:
Income from Continuing Operations	$	125,684		$	76,705		$	23,182
Noncontrolling Interest Allocable to Continuing Operations	(4,452		)	(2,903		)	(813		)
Income from Continuing Operations Allocable to Participating Securities	(411		)	(248		)	(75		)
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc.	120,821			73,554			22,294
Preferred Dividends	—			—			(1,019		)
Redemption of Preferred Stock	—			—			(1,462		)
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	120,821		$	73,554		$	19,813
Income from Discontinued Operations	$	—		$	—		$	27,823
Noncontrolling Interest Allocable to Discontinued Operations	—			—			(1,082		)
Income from Discontinued Operations Allocable to Participating Securities	—			—			(100		)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.	$	—		$	—		$	26,641
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	121,232		$	73,802		$	46,629
Net Income Allocable to Participating Securities	(411		)	(248		)	(175		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	120,821		$	73,554		$	46,454
Denominator (In Thousands):
Weighted Average Shares - Basic	115,030			110,352			109,922
Effect of Dilutive Securities:
LTIP Unit Awards (As Defined in Note 11)	340			429			403
Weighted Average Shares - Diluted	115,370			110,781			110,325
Basic EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.05		$	0.67		$	0.18
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	—		$	0.24
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.05		$	0.67		$	0.42
Diluted EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.05		$	0.66		$	0.18
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	—		$	0.24
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.05		$	0.66		$	0.42

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



	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014
Numerator:
Income from Continuing Operations	$	125,684		$	76,820		$	23,434
Noncontrolling Interest Allocable to Continuing Operations	(137		)	(138		)	(62		)
Income from Continuing Operations Allocable to Participating Securities	(410		)	(248		)	(75		)
Income from Continuing Operations Attributable to Unitholders	125,137			76,434			23,297
Preferred Unit Distributions	—			—			(1,019		)
Redemption of Preferred Units	—			—			(1,462		)
Income from Continuing Operations Available to Unitholders	$	125,137		$	76,434		$	20,816
Income from Discontinued Operations	$	—		$	—		$	27,823
Noncontrolling Interest Allocable to Discontinued Operations	—			—			(10		)
Income from Discontinued Operations Allocable to Participating Securities	—			—			(100		)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	—		$	27,713
Net Income Available to Unitholders and Participating Securities	$	125,547		$	76,682		$	48,704
Net Income Allocable to Participating Securities	(410		)	(248		)	(175		)
Net Income Available to Unitholders	$	125,137		$	76,434		$	48,529
Denominator (In Thousands):
Weighted Average Units - Basic	119,274			114,709			114,388
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards (As Defined in Note 11)	340			429			403
Weighted Average Units - Diluted	119,614			115,138			114,791
Basic EPU:
Income from Continuing Operations Available to Unitholders	$	1.05		$	0.67		$	0.18
Income from Discontinued Operations Attributable to Unitholders	$	—		$	—		$	0.24
Net Income Available to Unitholders	$	1.05		$	0.67		$	0.42
Diluted EPU:
Income from Continuing Operations Available to Unitholders	$	1.05		$	0.66		$	0.18
Income from Discontinued Operations Attributable to Unitholders	$	—		$	—		$	0.24
Net Income Available to Unitholders	$	1.05		$	0.66		$	0.42

Participating securities include 406,855, 387,947 and 463,774 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2016, 2015 and 2014, 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 stock dividends or Unit distributions declared.