Earnings Per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2020

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.	2020		2019		2018
Net earnings attributable to common stockholders – Basic	$	1,473,122	$	1,566,950	$	1,643,426
Net earnings attributable to exchangeable limited partnership units ⁽¹⁾		41,938		46,986		49,743
Adjusted net earnings attributable to common stockholders – Diluted	$	1,515,060	$	1,613,936	$	1,693,169

Weighted average common shares outstanding – Basic		728,323		630,580		567,367
Incremental weighted average effect on exchange of limited partnership units ⁽¹⁾		20,877		19,154		17,768
Incremental weighted average effect of equity awards		5,214		5,169		5,104
Weighted average common shares outstanding – Diluted ⁽²⁾		754,414		654,903		590,239

Net earnings per share attributable to common stockholders:
Basic	$	2.02	$	2.48	$	2.90
Diluted	$	2.01	$	2.46	$	2.87

Prologis, L.P.	2020			2019			2018
Net earnings attributable to common unitholders	$	1,514,743		$	1,613,615		$	1,692,313
Net earnings attributable to Class A Units		(16,262	)		(20,454	)		(24,465	)
Net earnings attributable to common unitholders – Basic		1,498,481			1,593,161			1,667,848
Net earnings attributable to Class A Units		16,262			20,454			24,465
Net earnings attributable to exchangeable other limited partnership units		317			321			856
Adjusted net earnings attributable to common unitholders – Diluted	$	1,515,060		$	1,613,936		$	1,693,169

Weighted average common partnership units outstanding – Basic		740,860			641,128			575,798
Incremental weighted average effect on exchange of Class A Units		8,041			8,231			8,446
Incremental weighted average effect on exchange of other limited partnership units		299			375			891
Incremental weighted average effect of equity awards of Prologis, Inc.		5,214			5,169			5,104
Weighted average common units outstanding – Diluted⁽²⁾		754,414			654,903			590,239

Net earnings per unit attributable to common unitholders:
Basic	$	2.02		$	2.48		$	2.90
Diluted	$	2.01		$	2.46		$	2.87

(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:

	2020		2019		2018
Class A Units		8,041		8,231		8,446
Other limited partnership units		299		375		891
Equity awards		7,798		7,933		8,175
Prologis, L.P.		16,138		16,539		17,512
Common limited partnership units		12,537		10,548		8,431
Prologis, Inc.		28,675		27,087		25,943