Earnings per Common Share or Unit

6 Months Ended

Jun. 30, 2021

Earnings per Common Share or Unit

Earnings per Common Share or Unit

9. Earnings per Common Share or Unit

The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common stockholders	$	127,369	$	53,676	$	499,775	$	256,535
Weighted average shares outstanding—basic		281,791,855		267,569,823		281,445,252		244,866,574
Potentially dilutive common shares:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted stock		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average shares outstanding—diluted		282,433,857		270,744,408		282,075,611		247,576,014
Income per share:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income available to common unitholders	$	130,569	$	55,076	$	512,775	$	265,735
Weighted average units outstanding—basic		288,842,803		275,544,524		288,588,250		252,995,033
Potentially dilutive common units:
Unvested incentive units		176,777		110,178		167,352		81,319
Unvested restricted units		164,787		312,634		142,677		261,758
Forward equity offering		—		2,246,171		—		1,845,832
Market performance-based awards		300,438		505,602		320,330		520,531
Weighted average units outstanding—diluted		289,484,805		278,719,109		289,218,609		255,704,473
Income per unit:
Basic	$	0.45	$	0.20	$	1.78	$	1.05
Diluted	$	0.45	$	0.20	$	1.77	$	1.04

The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share)	7,050,948	7,974,701	7,142,998	8,128,459
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	688,978	1,441,895	1,082,497	1,518,997
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,787,870	—	1,883,473
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,789,962	1,269,035	1,885,677
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,317,184	1,428,093	1,389,536	1,504,458
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,385,091	1,501,718	1,461,173	1,582,019
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,271,862	2,463,157	2,396,654	2,593,120
Total	12,714,063	18,387,396	14,741,893	19,096,203