Earnings Per Share / Unit (EPS / EPU)

3 Months Ended

Mar. 31, 2021

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, 2021		Three Months Ended March 31, 2020
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	62,198	$	40,634
Net Income Allocable to Participating Securities	(61)		(59)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	62,137	$	40,575
Denominator (In Thousands):
Weighted Average Shares - Basic	129,088		126,934
Effect of Dilutive Securities:
Performance Units (See Note 9)	84		177
Weighted Average Shares - Diluted	129,172		127,111
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.48	$	0.32

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


	Three Months Ended March 31, 2021		Three Months Ended March 31, 2020
Numerator:
Net Income Available to Unitholders and Participating Securities	$	63,565	$	41,479
Net Income Allocable to Participating Securities	(160)		(123)
Net Income Available to Unitholders	$	63,405	$	41,356
Denominator (In Thousands):
Weighted Average Units - Basic	131,172		129,070
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	462		330
Weighted Average Units - Diluted	131,634		129,400
Basic and Diluted EPU:
Net Income Available to Unitholders	$	0.48	$	0.32

At March 31, 2021 and 2020, participating securities for the Company include 150,637 and 210,886, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2021 and 2020, participating securities for the Operating Partnership include 383,320 and 445,735, respectively, of 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.