Earnings Per Share / Unit (EPS / EPU)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	54,636	$	116,991	$	110,603	$	153,249
Net Income Allocable to Participating Securities	(53)		(103)		(100)		(134)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	54,583	$	116,888	$	110,503	$	153,115
Denominator (In Thousands):
Weighted Average Shares - Basic	132,249		132,051		132,230		131,932
Effect of Dilutive Securities:
Performance Units (See Note 9)	88		55		88		65
Weighted Average Shares - Diluted	132,337		132,106		132,318		131,997
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.41	$	0.89	$	0.84	$	1.16
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders	$	0.41	$	0.88	$	0.84	$	1.16

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


	Three Months Ended June 30, 2023		Three Months Ended June 30, 2022		Six Months Ended June 30, 2023		Six Months Ended June 30, 2022
Numerator:
Net Income Available to Unitholders and Participating Securities	$	56,023	$	119,419	$	113,417	$	156,524
Net Income Allocable to Participating Securities	(145)		(269)		(279)		(357)
Net Income Available to Unitholders	$	55,878	$	119,150	$	113,138	$	156,167
Denominator (In Thousands):
Weighted Average Units - Basic	134,702		134,278		134,694		134,176
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units (See Note 9)	545		312		545		367
Weighted Average Units - Diluted	135,247		134,590		135,239		134,543
Basic and Diluted EPU:
Net Income Available to Unitholders	$	0.41	$	0.89	$	0.84	$	1.16

At June 30, 2023 and 2022, participating securities for the Company included 129,909 and 125,920, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At June 30, 2023 and 2022, participating securities for the Operating Partnership included 352,686 and 318,870, 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.