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Earnings Per Common Share or Unit (Tables)

3 Months Ended

Mar. 31, 2022

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
		March 31,
Prologis, Inc.		2022				2021
Net earnings attributable to common stockholders – Basic		$	1,149,254			$	365,815
Net earnings attributable to exchangeable limited partnership units⁽¹⁾			32,338				10,320
Adjusted net earnings attributable to common stockholders – Diluted		$	1,181,592			$	376,135

Weighted average common shares outstanding – Basic			740,368				738,998
Incremental weighted average effect on exchange of limited partnership units ⁽¹⁾			21,089				21,042
Incremental weighted average effect of equity awards			4,060				4,918
Weighted average common shares outstanding – Diluted⁽²⁾			765,517				764,958

Net earnings per share attributable to common stockholders:
Basic		$	1.55			$	0.50
Diluted		$	1.54			$	0.49

		Three Months Ended
		March 31,
Prologis, L.P.		2022				2021
Net earnings attributable to common unitholders		$	1,181,525			$	376,083
Net earnings attributable to Class A Units			(12,415	)			(3,991	)
Net earnings attributable to common unitholders – Basic			1,169,110				372,092
Net earnings attributable to Class A Units			12,415				3,991
Net earnings attributable to exchangeable other limited partnership units			67				52
Adjusted net earnings attributable to common unitholders – Diluted		$	1,181,592			$	376,135

Weighted average common partnership units outstanding – Basic			753,159				751,679
Incremental weighted average effect on exchange of Class A Units			7,999				8,062
Incremental weighted average effect on exchange of other limited partnership units			299				299
Incremental weighted average effect of equity awards of Prologis, Inc.			4,060				4,918
Weighted average common units outstanding – Diluted ⁽²⁾			765,517				764,958

Net earnings per unit attributable to common unitholders:
Basic		$	1.55			$	0.50
Diluted		$	1.54			$	0.49

(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
			March 31,
			2022				2021
	Class A Units			7,999				8,062
	Other limited partnership units			299				299
	Equity awards			5,839				7,179
	Prologis, L.P.			14,137				15,540
	Common limited partnership units			12,791				12,681
	Prologis, Inc.			26,928				28,221