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.	2024		2023		2024		2023
Net earnings attributable to common stockholders – Basic	$	859,845	$	1,214,553	$	1,444,108	$	1,677,723
Net earnings attributable to exchangeable limited partnership units (1)		21,551		30,700		36,516		42,443
Adjusted net earnings attributable to common stockholders – Diluted	$	881,396	$	1,245,253	$	1,480,624	$	1,720,166

Weighted average common shares outstanding – Basic		926,276		924,191		925,812		924,087
Incremental weighted average effect on exchange of limited partnership units (1)		23,224		23,453		23,465		23,570
Incremental weighted average effect of equity awards		3,700		4,062		4,162		3,981
Weighted average common shares outstanding – Diluted (2)		953,200		951,706		953,439		951,638

Net earnings per share attributable to common stockholders:
Basic	$	0.93	$	1.31	$	1.56	$	1.82
Diluted	$	0.92	$	1.31	$	1.55	$	1.81


	Three Months Ended						Six Months Ended
	June 30,						June 30,
Prologis, L.P.	2024			2023			2024			2023
Net earnings attributable to common unitholders	$	881,196		$	1,245,153		$	1,480,243		$	1,719,972
Net earnings attributable to Class A Units		(6,934	)		(10,629	)		(12,066	)		(14,674	)
Net earnings attributable to common unitholders – Basic		874,262			1,234,524			1,468,177			1,705,298
Net earnings attributable to Class A Units		6,934			10,629			12,066			14,674
Net earnings attributable to exchangeable other limited partnership units		200			100			381			194
Adjusted net earnings attributable to common unitholders – Diluted	$	881,396		$	1,245,253		$	1,480,624		$	1,720,166

Weighted average common partnership units outstanding – Basic		941,858			939,250			941,242			939,276
Incremental weighted average effect on exchange of Class A Units		7,343			8,095			7,736			8,082
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.		3,700			4,062			4,162			3,981
Weighted average common units outstanding – Diluted (2)		953,200			951,706			953,439			951,638

Net earnings per unit attributable to common unitholders:
Basic	$	0.93		$	1.31		$	1.56		$	1.82
Diluted	$	0.92		$	1.31		$	1.55		$	1.81

(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,
	2024		2023		2024		2023
Class A Units		7,343		8,095		7,736		8,082
Other limited partnership units		299		299		299		299
Equity awards		7,770		7,360		8,263		7,486
Prologis, L.P.		15,412		15,754		16,298		15,867
Common limited partnership units		15,582		15,058		15,430		15,188
Prologis, Inc.		30,994		30,812		31,728		31,055