Earnings Per Common Share or Unit

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Common Share or Unit

NOTE 10. EARNINGS PER COMMON SHARE OR UNIT

We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Prologis, Inc.	2020		2019		2020		2019
Net earnings attributable to common stockholders – Basic	$	298,695	$	450,639	$	1,192,652	$	1,181,470
Net earnings attributable to exchangeable limited partnership units (1)		8,440		13,422		34,252		35,838
Adjusted net earnings attributable to common stockholders – Diluted	$	307,135	$	464,061	$	1,226,904	$	1,217,308
Weighted average common shares outstanding – Basic		738,194		630,929		724,876		630,356
Incremental weighted average effect on exchange of limited partnership units (1)		21,110		18,760		20,960		19,403
Incremental weighted average effect of equity awards		5,315		5,570		5,135		5,059
Weighted average common shares outstanding – Diluted (2)		764,619		655,259		750,971		654,818
Net earnings per share attributable to common stockholders:
Basic	$	0.40	$	0.71	$	1.65	$	1.87
Diluted	$	0.40	$	0.71	$	1.63	$	1.86

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Prologis, L.P.	2020			2019			2020			2019
Net earnings attributable to common unitholders	$	307,069		$	463,997		$	1,226,646		$	1,217,088
Net earnings attributable to Class A Units		(3,216	)		(5,840	)		(13,242	)		(15,523	)
Net earnings attributable to common unitholders – Basic		303,853			458,157			1,213,404			1,201,565
Net earnings attributable to Class A Units		3,216			5,840			13,242			15,523
Net earnings attributable to exchangeable other limited partnership units		66			64			258			220
Adjusted net earnings attributable to common unitholders – Diluted	$	307,135		$	464,061		$	1,226,904		$	1,217,308
Weighted average common partnership units outstanding – Basic		750,971			641,229			737,489			641,077
Incremental weighted average effect on exchange of Class A Units		8,034			8,154			8,048			8,282
Incremental weighted average effect on exchange of other limited partnership units		299			306			299			400
Incremental weighted average effect of equity awards of Prologis, Inc.		5,315			5,570			5,135			5,059
Weighted average common units outstanding – Diluted (2)		764,619			655,259			750,971			654,818
Net earnings per unit attributable to common unitholders:
Basic	$	0.40		$	0.71		$	1.65		$	1.87
Diluted	$	0.40		$	0.71		$	1.63		$	1.86

(1) The exchangeable limited partnership units include the units as discussed in Note 8. Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same.

(2) Our total weighted average potentially dilutive shares and units outstanding consisted of the following:  

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Class A Units		8,034		8,154		8,048		8,282
Other limited partnership units		299		306		299		400
Equity awards		7,643		8,141		7,749		8,154
Prologis, L.P.		15,976		16,601		16,096		16,836
Common limited partnership units		12,777		10,300		12,613		10,721
Prologis, Inc.		28,753		26,901		28,709		27,557