Earnings per Common Share or Unit

3 Months Ended

Mar. 31, 2021

Earnings per Common Share or Unit

Earnings per Common Share or Unit

9. Earnings per Common Share or Unit

The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended March 31,
	2021		2020
Net income available to common stockholders	$	372,406	$	202,859
Weighted average shares outstanding—basic		281,094,798		222,163,324
Potentially dilutive common shares:
Unvested incentive units		323,921		224,558
Unvested restricted stock		158,022		158,022
Forward equity offering		—		1,392,934
Market performance-based awards		340,220		535,457
Weighted average shares outstanding—diluted		281,916,961		224,474,295
Income per share:
Basic	$	1.32	$	0.91
Diluted	$	1.32	$	0.90

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended March 31,
	2021		2020
Net income available to common unitholders	$	382,206	$	210,659
Weighted average units outstanding—basic		288,377,282		230,442,659
Potentially dilutive common units:
Unvested incentive units		323,921		224,558
Unvested restricted units		158,022		158,022
Forward equity offering		—		1,392,934
Market performance-based awards		340,220		535,457
Weighted average units outstanding—diluted		289,199,445		232,753,630
Income per unit:
Basic	$	1.32	$	0.91
Diluted	$	1.32	$	0.90

The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit.

	Three Months Ended March 31,
	2021	2020
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share)	7,282,484	8,279,335
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	1,476,016	1,596,099
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,979,075
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,981,391
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,461,888	1,580,822
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,537,255	1,662,320
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,521,446	2,723,082
Total	14,279,089	19,802,124