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, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	201,456		$	121,232		$	73,802
Net Income Allocable to Participating Securities	(646		)	(411		)	(248		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	200,810		$	120,821		$	73,554
Denominator (In Thousands):
Weighted Average Shares - Basic	118,272			115,030			110,352
Effect of Dilutive Securities:
LTIP Unit Awards (As Defined in Note 11)	515			340			429
Weighted Average Shares - Diluted	118,787			115,370			110,781
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.70		$	1.05		$	0.67
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	1.69		$	1.05		$	0.66

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



	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Numerator:
Net Income Available to Unitholders and Participating Securities	$	208,158		$	125,547		$	76,682
Net Income Allocable to Participating Securities	(646		)	(410		)	(248		)
Net Income Available to Unitholders	$	207,512		$	125,137		$	76,434
Denominator (In Thousands):
Weighted Average Units - Basic	122,306			119,274			114,709
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards (As Defined in Note 11)	515			340			429
Weighted Average Units - Diluted	122,821			119,614			115,138
Basic EPU:
Net Income Available to Unitholders	$	1.70		$	1.05		$	0.67
Diluted EPU:
Net Income Available to Unitholders	$	1.69		$	1.05		$	0.66

Participating securities include 408,248, 406,855 and 387,947 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2017, 2016 and 2015, 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 or common stock dividends or Unit distributions declared.