Earnings Per Share / Unit (EPS / EPU)

9 Months Ended

Sep. 30, 2022

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, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	123,888	$	42,446	$	277,137	$	156,580
Net Income Allocable to Participating Securities	(124)		(48)		(258)		(170)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	123,764	$	42,398	$	276,879	$	156,410
Denominator (In Thousands):
Weighted Average Shares - Basic	132,092		129,633		131,986		129,275
Effect of Dilutive Securities:
Performance Units (See Note 9)	84		89		71		87
Weighted Average Shares - Diluted	132,176		129,722		132,057		129,362
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.94	$	0.33	$	2.10	$	1.21

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


	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Nine Months Ended September 30, 2021
Numerator:
Net Income Available to Unitholders and Participating Securities	$	126,789	$	43,399	$	283,313	$	160,104
Net Income Allocable to Participating Securities	(307)		(126)		(664)		(441)
Net Income Available to Unitholders	$	126,482	$	43,273	$	282,649	$	159,663
Denominator (In Thousands):
Weighted Average Units - Basic	134,282		131,668		134,212		131,345
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	479		510		404		496
Weighted Average Units - Diluted	134,761		132,178		134,616		131,841
Basic EPU:
Net Income Available to Unitholders	$	0.94	$	0.33	$	2.11	$	1.22
Diluted EPU:
Net Income Available to Unitholders	$	0.94	$	0.33	$	2.10	$	1.21

At September 30, 2022 and 2021, participating securities for the Company included 144,121 and 147,937, respectively, Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2022 and 2021, participating securities for the Operating Partnership included 337,071 and 378,548, respectively, 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.