Earnings Per Share / Unit (EPS / EPU)

12 Months Ended

Dec. 31, 2019

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, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	238,775		$	163,239		$	201,456
Net Income Allocable to Participating Securities	(518		)	(513		)	(646		)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	238,257		$	162,726		$	200,810
Denominator (In Thousands):
Weighted Average Shares - Basic	126,392			123,804			118,272
Effect of Dilutive Securities:
Performance units (See Note 11)	299			387			515
Weighted Average Shares - Diluted	126,691			124,191			118,787
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	1.89		$	1.31		$	1.70
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	1.88		$	1.31		$	1.69

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



	Year Ended December 31, 2019			Year Ended December 31, 2018			Year Ended December 31, 2017
Numerator:
Net Income Available to Unitholders and Participating Securities	243,628			167,246			208,158
Net Income Allocable to Participating Securities	(732		)	(513		)	(646		)
Net Income Available to Unitholders	$	242,896		$	166,733		$	207,512
Denominator (In Thousands):
Weighted Average Units - Basic	128,831			126,921			122,306
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
Performance units and certain Performance LTIP Units (See Note 11)	410			387			515
Weighted Average Units - Diluted	129,241			127,308			122,821
Basic EPS:
Net Income Available to Unitholders	$	1.89		$	1.31		$	1.70
Diluted EPU:
Net Income Available to Unitholders	$	1.88		$	1.31		$	1.69

Participating securities include 296,371, 405,436 and 408,248 of unvested restricted stock outstanding at December 31, 2019, 2018 and 2017, respectively, which participate in non-forfeitable distributions. At December 31, 2019, 2018, and 2017, participating securities for the Operating Partnership include 421,928, 405,436 and 408,248, respectively, of restricted Unit awards and certain Service LTIP Units (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.