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Earnings (Loss) Per Common Share/Unit
 3 Months Ended
Mar. 31, 2012
Earnings (Loss) Per Common Share/Unit [Abstract]  
Earnings (Loss) Per Common Share/Unit
13.   Earnings (Loss) Per Common Share /Unit

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

 

The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts):

 

                 
    Three Months Ended
March  31,		  

REIT

   2012     2011 (1)(2)  

Net earnings (loss) available for common stockholders

   $ 202,412     $ (46,616 ) 

Noncontrolling interest attributable to exchangeable limited partnership units

     1,003       —    

Interest expense on exchangeable debt assumed exchanged

     4,216       —    
   

 

 

    

 

 

  

Adjusted net earnings (loss) available for common stockholders

   $ 207,631     $ (46,616 ) 
   

 

 

    

 

 

  
     

Weighted average common shares outstanding - Basic

     459,203       254,698  

Incremental weighted average effect on exchange of limited partnership units

     3,347       —    

Incremental weighted average effect of share awards

     1,678       —    

Incremental weighted average effect on exchange of certain exchangeable debt

     11,879       —    
   

 

 

    

 

 

  

Weighted average common shares outstanding - Diluted (3)

     476,107       254,698  
   

 

 

    

 

 

  
     

Net earnings (loss) per share available for common stockholders - Basic and Diluted

   $ 0.44     $ (0.18 ) 
   

 

 

    

 

 

  
     

Operating Partnership

            

Net earnings (loss) available for common unitholders

   $ 203,353     $ (46,616 ) 

Noncontrolling interest attributable to exchangeable limited partnership units

     62       —    

Interest expense on exchangeable debt assumed exchanged

     4,216       —    
   

 

 

    

 

 

  

Adjusted net earnings (loss) available for common unitholders

   $ 207,631     $ (46,616 ) 
   

 

 

    

 

 

  
     

Weighted average common partnership units outstanding - Basic

     461,259       254,698  

Incremental weighted average effect on exchange of limited partnership units

     1,291       —    

Incremental weighted average effect of share awards

     1,678       —    

Incremental weighted average effect on exchange of certain exchangeable debt

     11,879       —    
   

 

 

    

 

 

  

Weighted average common partnership units outstanding - Diluted (3)

     476,107       254,698  
   

 

 

    

 

 

  
     

Net earnings (loss) per unit available for common unitholders - Basic and Diluted

   $ 0.44     $ (0.18 ) 
   

 

 

    

 

 

  

 

(1) In periods with a net loss, the inclusion of any incremental shares/units is anti-dilutive and, therefore, both basic and diluted shares/units are the same.
(2) As a result of the Merger, the historical shares of ProLogis were adjusted by the Merger exchange ratio of 0.4464 for all periods presented. As a result, the per share/unit calculations and shares/units outstanding were also adjusted.
(3) Total weighted average potentially dilutive share awards outstanding (in thousands) were 10,132 and 3,457 for the three months ended March 31, 2012 and 2011, respectively.