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Earnings Per Share (EPS) | 9 Months Ended
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Sep. 30, 2014
Earnings Per Share [Abstract] |
Earnings Per Share (EPS) | 8. Earnings Per Share ("EPS") The computation of basic and diluted EPS is presented below:
| Three Months Ended September 30, 2014 |  | Three Months Ended September 30, 2013 |  | Nine Months Ended September 30, 2014 |  | Nine Months Ended September 30, 2013
Numerator: |  |  |  |  |  |  |
Income from Continuing Operations | $ | 8,458 |  |  | $ | 2,280 |  |  | $ | 15,881 |  |  | $ | 1,073 |
Gain on Sale of Real Estate | — |  |  | 291 |  |  | — |  |  | 553 |
Noncontrolling Interest Allocable to Continuing Operations | (338 | ) |  | 31 |  |  | (528 | ) |  | 486 |
Income from Continuing Operations Allocable to Participating Securities | (34 | ) |  | — |  |  | (57 | ) |  | — |
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. | 8,086 |  |  | 2,602 |  |  | 15,296 |  |  | 2,112 |
Preferred Dividends | — |  |  | (1,392 | ) |  | (1,019 | ) |  | (7,506 | )
Redemption of Preferred Stock | — |  |  | (2,121 | ) |  | (1,462 | ) |  | (5,667 | )
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 8,086 |  |  | $ | (911 | ) |  | $ | 12,815 |  |  | $ | (11,061 | )
Income from Discontinued Operations | $ | 13,737 |  |  | $ | 6,192 |  |  | $ | 15,585 |  |  | $ | 17,376 |
Noncontrolling Interest Allocable to Discontinued Operations | (530 | ) |  | (250 | ) |  | (609 | ) |  | (730 | )
Income from Discontinued Operations Allocable to Participating Securities | (56 | ) |  | (42 | ) |  | (66 | ) |  | (120 | )
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. | $ | 13,151 |  |  | $ | 5,900 |  |  | $ | 14,910 |  |  | $ | 16,526 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 21,327 |  |  | $ | 5,031 |  |  | $ | 27,848 |  |  | $ | 5,585 |
Net Income Allocable to Participating Securities | (90 | ) |  | (42 | ) |  | (123 | ) |  | (120 | )
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 21,237 |  |  | $ | 4,989 |  |  | $ | 27,725 |  |  | $ | 5,465 |
Denominator: |  |  |  |  |  |  |
Weighted Average Shares—Basic | 110,072 |  |  | 109,474 |  |  | 109,856 |  |  | 106,154 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
LTIP Unit Awards | 199 |  |  | — |  |  | 442 |  |  | — |
Weighted Average Shares—Diluted | 110,271 |  |  | 109,474 |  |  | 110,298 |  |  | 106,154 |
Basic and Diluted EPS: |  |  |  |  |  |  |
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.07 |  |  | $ | 0.00 |  |  | $ | 0.12 |  |  | $ | (0.10 | )
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.12 |  |  | $ | 0.05 |  |  | $ | 0.13 |  |  | $ | 0.15 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.19 |  |  | $ | 0.05 |  |  | $ | 0.25 |  |  | $ | 0.05 |
Participating securities include 463,774 and 489,381 of unvested restricted stock awards outstanding at September 30, 2014 and 2013, respectively, which participate in non-forfeitable dividends of the Company. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares outstanding, based upon the greater of net income (after reduction for preferred dividends and redemption of preferred stock) or common dividends declared. Effective July 1, 2013, the Board of Directors granted performance awards ("LTIP Unit Awards") to certain officers and employees of the Company. The LTIP Unit Awards, which do not participate in non-forfeitable dividends of the Company, are dilutive and are included in the calculation of diluted EPS for the three and nine months ended September 30, 2014. The number of weighted average shares—diluted is the same as the number of weighted average shares—basic for the three and nine months ended September 30, 2013, as the effect of the LTIP Unit Awards outstanding at September 30, 2013, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to First Industrial Realty Trust, Inc.’s common stockholders.

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