Earnings Per Common Share or Unit

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share or Unit

NOTE 9. 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				Six Months Ended
	June 30,				June 30,
Prologis, Inc.	2021		2020		2021		2020
Net earnings attributable to common stockholders – Basic	$	598,625	$	404,539	$	964,440	$	893,957
Net earnings attributable to exchangeable limited partnership units (1)		16,921		11,763		27,241		25,812
Adjusted net earnings attributable to common stockholders – Diluted	$	615,546	$	416,302	$	991,681	$	919,769
Weighted average common shares outstanding – Basic		739,190		737,992		739,105		718,278
Incremental weighted average effect on exchange of limited partnership units (1)		21,179		21,539		21,084		20,884
Incremental weighted average effect of equity awards		4,283		6,299		4,535		6,865
Weighted average common shares outstanding – Diluted (2)		764,652		765,830		764,724		746,027
Net earnings per share attributable to common stockholders:
Basic	$	0.81	$	0.55	$	1.30	$	1.24
Diluted	$	0.81	$	0.54	$	1.30	$	1.23

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Prologis, L.P.	2021			2020			2021			2020
Net earnings attributable to common unitholders	$	615,478		$	416,189		$	991,561		$	919,577
Net earnings attributable to Class A Units		(6,456	)		(4,375	)		(10,447	)		(10,026	)
Net earnings attributable to common unitholders – Basic		609,022			411,814			981,114			909,551
Net earnings attributable to Class A Units		6,456			4,375			10,447			10,026
Net earnings attributable to exchangeable other limited partnership units		68			113			120			192
Adjusted net earnings attributable to common unitholders – Diluted	$	615,546		$	416,302		$	991,681		$	919,769
Weighted average common partnership units outstanding – Basic		752,065			751,182			751,883			730,807
Incremental weighted average effect on exchange of Class A Units		8,005			8,050			8,006			8,056
Incremental weighted average effect on exchange of other limited partnership units		299			299			299			299
Incremental weighted average effect of equity awards of Prologis, Inc.		4,283			6,299			4,536			6,865
Weighted average common units outstanding – Diluted (2)		764,652			765,830			764,724			746,027
Net earnings per unit attributable to common unitholders:
Basic	$	0.81		$	0.55		$	1.30		$	1.24
Diluted	$	0.81		$	0.54		$	1.30		$	1.23

(1) 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				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Class A Units		8,005		8,050		8,006		8,056
Other limited partnership units		299		299		299		299
Equity awards		6,471		9,039		6,812		9,754
Prologis, L.P.		14,775		17,388		15,117		18,109
Common limited partnership units		12,875		13,190		12,779		12,529
Prologis, Inc.		27,650		30,578		27,896		30,638