Earnings Per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share Unit

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.	2020		2019		2020		2019
Net earnings attributable to common stockholders – Basic	$	404,539	$	383,784	$	893,957	$	730,831
Net earnings attributable to exchangeable limited partnership units (1)		11,763		11,759		25,812		22,416
Adjusted net earnings attributable to common stockholders – Diluted	$	416,302	$	395,543	$	919,769	$	753,247
Weighted average common shares outstanding – Basic		737,992		630,271		718,278		629,990
Incremental weighted average effect on exchange of limited partnership units (1)		21,539		19,556		20,884		19,637
Incremental weighted average effect of equity awards		6,299		5,620		6,865		5,139
Weighted average common shares outstanding – Diluted (2)		765,830		655,447		746,027		654,766
Net earnings per share attributable to common stockholders:
Basic	$	0.55	$	0.61	$	1.24	$	1.16
Diluted	$	0.54	$	0.60	$	1.23	$	1.15

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Prologis, L.P.	2020			2019			2020			2019
Net earnings attributable to common unitholders	$	416,189		$	395,470		$	919,577		$	753,091
Net earnings attributable to Class A Units		(4,375	)		(5,077	)		(10,026	)		(9,683	)
Net earnings attributable to common unitholders – Basic		411,814			390,393			909,551			743,408
Net earnings attributable to Class A Units		4,375			5,077			10,026			9,683
Net earnings attributable to exchangeable other limited partnership units		113			73			192			156
Adjusted net earnings attributable to common unitholders – Diluted	$	416,302		$	395,543		$	919,769		$	753,247
Weighted average common partnership units outstanding – Basic		751,182			641,127			730,807			640,832
Incremental weighted average effect on exchange of Class A Units		8,050			8,337			8,056			8,347
Incremental weighted average effect on exchange of other limited partnership units		299			363			299			448
Incremental weighted average effect of equity awards of Prologis, Inc.		6,299			5,620			6,865			5,139
Weighted average common units outstanding – Diluted (2)		765,830			655,447			746,027			654,766
Net earnings per unit attributable to common unitholders:
Basic	$	0.55		$	0.61		$	1.24		$	1.16
Diluted	$	0.54		$	0.60		$	1.23		$	1.15

(1) The exchangeable limited partnership units include the units as discussed in Note 8. 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,
	2020		2019		2020		2019
Class A Units		8,050		8,337		8,056		8,347
Other limited partnership units		299		363		299		448
Equity awards		9,039		8,589		9,754		8,161
Prologis, L.P.		17,388		17,289		18,109		16,956
Common limited partnership units		13,190		10,856		12,529		10,842
Prologis, Inc.		30,578		28,145		30,638		27,798