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Earnings Per Share / Unit (EPS / EPU) | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share / Unit (EPS / EPU) | 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.

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