Earnings per Common Share or Unit

12 Months Ended

Dec. 31, 2021

Earnings per Common Share or Unit

Earnings per Common Share or Unit

12. Earnings per Common Share or Unit

The following is a summary of basic and diluted income per share/unit (in thousands, except share/unit and per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share

	Year Ended December 31,
	2021		2020		2019
Net income available to common stockholders	$	1,681,498	$	263,342	$	493,011
Weighted average shares outstanding—basic		282,474,927		260,098,978		208,325,823
Potentially dilutive common shares:
Unvested incentive units		253,344		120,775		165,185
Unvested restricted stock		191,541		177,244		—
Forward equity offering		—		1,596,476		813,073
Market performance-based awards		302,156		529,035		158,166
Weighted average shares outstanding—diluted		283,221,968		262,522,508		209,462,247
Income per share:
Basic	$	5.95	$	1.01	$	2.37
Diluted	$	5.94	$	1.00	$	2.35

Digital Realty Trust, L.P. Earnings per Unit

	Year Ended December 31,
	2021		2020		2019
Net income available to common unitholders	$	1,720,598	$	272,842	$	514,111
Weighted average units outstanding—basic		289,165,448		268,072,983		217,284,755
Potentially dilutive common units:
Unvested incentive units		253,344		120,775		165,185
Unvested restricted units		191,541		177,244		—
Forward equity offering		—		1,596,476		813,073
Market performance-based awards		302,156		529,035		158,166
Weighted average units outstanding—diluted		289,912,489		270,496,513		218,421,179
Income per unit:
Basic	$	5.95	$	1.02	$	2.37
Diluted	$	5.94	$	1.01	$	2.35

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.

	Year Ended December 31,
	2021	2020	2019
Shares of common stock subject to forward sale agreements	6,250,000	—	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	6,690,521	7,974,005	8,958,932
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	541,249	1,489,983	1,695,765
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	1,452,809	2,102,655
Potentially dilutive Series H Cumulative Redeemable Preferred Stock	—	—	789,846
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	1,269,035	2,105,116
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,318,309	1,475,721	1,679,534
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,386,274	1,551,801	1,334,691
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,273,803	2,543,639	670,823
Total	18,460,156	17,756,993	19,337,362