Earnings Per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2019

Computation of Basic and Diluted Earnings Per Share Unit

The computation of our basic and diluted earnings per share and unit for the years ended December 31 was as follows (in thousands, except per share and unit amounts):

Prologis, Inc.	2019		2018		2017
Net earnings attributable to common stockholders – Basic	$	1,566,950	$	1,643,426	$	1,641,931
Net earnings attributable to exchangeable limited partnership units ⁽¹⁾		46,986		49,743		46,280
Adjusted net earnings attributable to common stockholders – Diluted	$	1,613,936	$	1,693,169	$	1,688,211

Weighted average common shares outstanding – Basic		630,580		567,367		530,400
Incremental weighted average effect on exchange of limited partnership units ⁽¹⁾		19,154		17,768		15,945
Incremental weighted average effect of equity awards		5,169		5,104		5,955
Weighted average common shares outstanding – Diluted ⁽²⁾		654,903		590,239		552,300

Net earnings per share attributable to common stockholders:
Basic	$	2.48	$	2.90	$	3.10
Diluted	$	2.46	$	2.87	$	3.06

Prologis, L.P.	2019			2018			2017
Net earnings attributable to common unitholders	$	1,613,615		$	1,692,313		$	1,686,945
Net earnings attributable to Class A Units		(20,454	)		(24,465	)		(26,642	)
Net earnings attributable to common unitholders – Basic		1,593,161			1,667,848			1,660,303
Net earnings attributable to Class A Units		20,454			24,465			26,642
Net earnings attributable to exchangeable other limited partnership units		321			856			1,266
Adjusted net earnings attributable to common unitholders – Diluted	$	1,613,936		$	1,693,169		$	1,688,211

Weighted average common partnership units outstanding – Basic		641,128			575,798			536,335
Incremental weighted average effect on exchange of Class A Units		8,231			8,446			8,607
Incremental weighted average effect on exchange of other limited partnership units		375			891			1,403
Incremental weighted average effect of equity awards of Prologis, Inc.		5,169			5,104			5,955
Weighted average common units outstanding – Diluted⁽²⁾		654,903			590,239			552,300

Net earnings per unit attributable to common unitholders:
Basic	$	2.48		$	2.90		$	3.10
Diluted	$	2.46		$	2.87		$	3.06

(1)

The exchangeable limited partnership units include the units as discussed in Note 11. 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 for the years ended December 31 consisted of the following:

	2019		2018		2017
Class A Units		8,231		8,446		8,607
Other limited partnership units		375		891		1,403
Equity awards		7,933		8,175		9,183
Prologis, L.P.		16,539		17,512		19,193
Common limited partnership units		10,548		8,431		5,935
Prologis, Inc.		27,087		25,943		25,128