Earnings Per Common Share or Unit

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share or Unit

NOTE 8. 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				Six Months Ended
	June 30,				June 30,
Prologis, Inc.	2022		2021		2022		2021
Net earnings attributable to common stockholders – Basic	$	609,855	$	598,625	$	1,759,109	$	964,440
Net earnings attributable to exchangeable limited partnership units (1)		17,518		16,921		49,856		27,241
Adjusted net earnings attributable to common stockholders – Diluted	$	627,373	$	615,546	$	1,808,965	$	991,681
Weighted average common shares outstanding – Basic		740,637		739,190		740,506		739,105
Incremental weighted average effect on exchange of limited partnership units (1)		21,289		21,179		21,221		21,084
Incremental weighted average effect of equity awards		4,148		4,283		4,132		4,535
Weighted average common shares outstanding – Diluted (2)		766,074		764,652		765,859		764,724
Net earnings per share attributable to common stockholders:
Basic	$	0.82	$	0.81	$	2.38	$	1.30
Diluted	$	0.82	$	0.81	$	2.36	$	1.30

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Prologis, L.P.	2022			2021			2022			2021
Net earnings attributable to common unitholders	$	627,286		$	615,478		$	1,808,811		$	991,561
Net earnings attributable to Class A Units		(6,608	)		(6,456	)		(19,023	)		(10,447	)
Net earnings attributable to common unitholders – Basic		620,678			609,022			1,789,788			981,114
Net earnings attributable to Class A Units		6,608			6,456			19,023			10,447
Net earnings attributable to exchangeable other limited partnership units		87			68			154			120
Adjusted net earnings attributable to common unitholders – Diluted	$	627,373		$	615,546		$	1,808,965		$	991,681
Weighted average common partnership units outstanding – Basic		753,610			752,065			753,420			751,883
Incremental weighted average effect on exchange of Class A Units		8,017			8,005			8,008			8,006
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.		4,148			4,283			4,132			4,536
Weighted average common units outstanding – Diluted (2)		766,074			764,652			765,859			764,724
Net earnings per unit attributable to common unitholders:
Basic	$	0.82		$	0.81		$	2.38		$	1.30
Diluted	$	0.82		$	0.81		$	2.36		$	1.30

(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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Class A Units		8,017		8,005		8,008		8,006
Other limited partnership units		299		299		299		299
Equity awards		6,353		6,471		6,219		6,812
Prologis, L.P.		14,669		14,775		14,526		15,117
Common limited partnership units		12,973		12,875		12,914		12,779
Prologis, Inc.		27,642		27,650		27,440		27,896