Earnings Per Common Share or Unit

3 Months Ended

Mar. 31, 2023

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
	March 31,
Prologis, Inc.	2023		2022
Net earnings attributable to common stockholders – Basic		463,170	$	1,149,254
Net earnings attributable to exchangeable limited partnership units (1)		11,743		32,338
Adjusted net earnings attributable to common stockholders – Diluted	$	474,913	$	1,181,592
Weighted average common shares outstanding – Basic		923,888		740,368
Incremental weighted average effect on exchange of limited partnership units (1)		23,535		21,089
Incremental weighted average effect of equity awards		4,201		4,060
Weighted average common shares outstanding – Diluted (2)		951,624		765,517
Net earnings per share attributable to common stockholders:
Basic	$	0.50	$	1.55
Diluted	$	0.50	$	1.54

	Three Months Ended
	March 31,
Prologis, L.P.	2023			2022
Net earnings attributable to common unitholders	$	474,819		$	1,181,525
Net earnings attributable to Class A Units		(4,045	)		(12,415	)
Net earnings attributable to common unitholders – Basic		470,774			1,169,110
Net earnings attributable to Class A Units		4,045			12,415
Net earnings attributable to exchangeable other limited partnership units		94			67
Adjusted net earnings attributable to common unitholders – Diluted	$	474,913		$	1,181,592
Weighted average common partnership units outstanding – Basic		939,054			753,159
Incremental weighted average effect on exchange of Class A Units		8,070			7,999
Incremental weighted average effect on exchange of other limited partnership units		299			299
Incremental weighted average effect of equity awards of Prologis, Inc.		4,201			4,060
Weighted average common units outstanding – Diluted (2)		951,624			765,517
Net earnings per unit attributable to common unitholders:
Basic	$	0.50		$	1.55
Diluted	$	0.50		$	1.54

(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
	March 31,
	2023		2022
Class A Units		8,070		7,999
Other limited partnership units		299		299
Equity awards		7,773		5,839
Prologis, L.P.		16,142		14,137
Common limited partnership units		15,166		12,791
Prologis, Inc.		31,308		26,928