Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 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 September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	42,446	$	35,959	$	156,580	$	112,262
Net Income Allocable to Participating Securities	(48)		(59)		(170)		(177)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	42,398	$	35,900	$	156,410	$	112,085
Denominator (In Thousands):
Weighted Average Shares - Basic	129,633		127,903		129,275		127,306
Effect of Dilutive Securities:
Performance Units (See Note 9)	89		198		87		189
Weighted Average Shares - Diluted	129,722		128,101		129,362		127,495
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.33	$	0.28	$	1.21	$	0.88

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


	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020		Nine Months Ended September 30, 2021		Nine Months Ended September 30, 2020
Numerator:
Net Income Available to Unitholders and Participating Securities	$	43,399	$	36,639	$	160,104	$	114,450
Net Income Allocable to Participating Securities	(126)		(125)		(441)		(374)
Net Income Available to Unitholders	$	43,273	$	36,514	$	159,663	$	114,076
Denominator (In Thousands):
Weighted Average Units - Basic	131,668		129,914		131,345		129,357
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	510		380		496		363
Weighted Average Units - Diluted	132,178		130,294		131,841		129,720
Basic EPU:
Net Income Available to Unitholders	$	0.33	$	0.28	$	1.22	$	0.88
Diluted EPU:
Net Income Available to Unitholders	$	0.33	$	0.28	$	1.21	$	0.88

At September 30, 2021 and 2020, participating securities for the Company include 147,937 and 211,920, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2021 and 2020, participating securities for the Operating Partnership include 378,548 and 444,407, 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.