Earnings Per Common Share or Unit

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share or Unit

NOTE 9. EARNINGS PER COMMON SHARE OR UNIT

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				Nine Months Ended
	September 30,				September 30,
Prologis, Inc.	2021		2020		2021		2020
Net earnings attributable to common stockholders – Basic	$	722,007	$	298,695	$	1,686,447	$	1,192,652
Net earnings attributable to exchangeable limited partnership units (1)		19,890		8,440		47,131		34,252
Adjusted net earnings attributable to common stockholders – Diluted	$	741,897	$	307,135	$	1,733,578	$	1,226,904
Weighted average common shares outstanding – Basic		739,439		738,194		739,217		724,876
Incremental weighted average effect on exchange of limited partnership units (1)		20,421		21,110		20,860		20,960
Incremental weighted average effect of equity awards		5,085		5,315		4,567		5,135
Weighted average common shares outstanding – Diluted (2)		764,945		764,619		764,644		750,971
Net earnings per share attributable to common stockholders:
Basic	$	0.98	$	0.40	$	2.28	$	1.65
Diluted	$	0.97	$	0.40	$	2.27	$	1.63

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Prologis, L.P.	2021			2020			2021			2020
Net earnings attributable to common unitholders	$	741,794		$	307,069		$	1,733,355		$	1,226,646
Net earnings attributable to Class A Units		(7,816	)		(3,216	)		(18,263	)		(13,242	)
Net earnings attributable to common unitholders – Basic		733,978			303,853			1,715,092			1,213,404
Net earnings attributable to Class A Units		7,816			3,216			18,263			13,242
Net earnings attributable to exchangeable other limited partnership units		103			66			223			258
Adjusted net earnings attributable to common unitholders – Diluted	$	741,897		$	307,135		$	1,733,578		$	1,226,904
Weighted average common partnership units outstanding – Basic		751,558			750,971			751,773			737,489
Incremental weighted average effect on exchange of Class A Units		8,003			8,034			8,005			8,048
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.		5,085			5,315			4,567			5,135
Weighted average common units outstanding – Diluted (2)		764,945			764,619			764,644			750,971
Net earnings per unit attributable to common unitholders:
Basic	$	0.98		$	0.40		$	2.28		$	1.65
Diluted	$	0.97		$	0.40		$	2.27		$	1.63

(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				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Class A Units		8,003		8,034		8,005		8,048
Other limited partnership units		299		299		299		299
Equity awards		6,965		7,643		6,863		7,749
Prologis, L.P.		15,267		15,976		15,167		16,096
Common limited partnership units		12,119		12,777		12,556		12,613
Prologis, Inc.		27,386		28,753		27,723		28,709