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Earnings Per Share / Unit (EPS / EPU) | 9 Months Ended
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Sep. 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 September 30, 2023 |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
Numerator: |  |  |  |  |  |  |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 75,012 |  |  | $ | 123,888 |  |  | $ | 185,615 |  |  | $ | 277,137 |
Net Income Allocable to Participating Securities | (74) |  |  | (124) |  |  | (174) |  |  | (258) |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 74,938 |  |  | $ | 123,764 |  |  | $ | 185,441 |  |  | $ | 276,879 |
Denominator (In Thousands): |  |  |  |  |  |  |
Weighted Average Shares - Basic | 132,264 |  |  | 132,092 |  |  | 132,241 |  |  | 131,986 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
Performance Units (See Note 9) | 75 |  |  | 84 |  |  | 84 |  |  | 71 |
Weighted Average Shares - Diluted | 132,339 |  |  | 132,176 |  |  | 132,325 |  |  | 132,057 |
Basic and Diluted EPS: |  |  |  |  |  |  |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.57 |  |  | $ | 0.94 |  |  | $ | 1.40 |  |  | $ | 2.10 |
The computation of basic and diluted EPU of the Operating Partnership is presented below:
| Three Months Ended September 30, 2023 |  | Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
Numerator: |  |  |  |  |  |  |
Net Income Available to Unitholders and Participating Securities | $ | 76,917 |  |  | $ | 126,789 |  |  | $ | 190,334 |  |  | $ | 283,313 |
Net Income Allocable to Participating Securities | (199) |  |  | (307) |  |  | (478) |  |  | (664) |
Net Income Available to Unitholders | $ | 76,718 |  |  | $ | 126,482 |  |  | $ | 189,856 |  |  | $ | 282,649 |
Denominator (In Thousands): |  |  |  |  |  |  |
Weighted Average Units - Basic | 134,704 |  |  | 134,282 |  |  | 134,697 |  |  | 134,212 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
Performance Units and certain Performance RLP Units (See Note 9) | 462 |  |  | 479 |  |  | 517 |  |  | 404 |
Weighted Average Units - Diluted | 135,166 |  |  | 134,761 |  |  | 135,214 |  |  | 134,616 |
Basic EPU: |  |  |  |  |  |  |
Net Income Available to Unitholders | $ | 0.57 |  |  | $ | 0.94 |  |  | $ | 1.41 |  |  | $ | 2.11 |
Diluted EPU: |  |  |  |  |  |  |
Net Income Available to Unitholders | $ | 0.57 |  |  | $ | 0.94 |  |  | $ | 1.40 |  |  | $ | 2.10 |
At September 30, 2023 and 2022, participating securities for the Company included 129,019 and 144,121, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2023 and 2022, participating securities for the Operating Partnership included 351,796 and 337,071, 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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