17.

Earnings / Loss Per Common Share / Unit

We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments.

The following table sets forth the computation of our basic and diluted earnings per share/unit for the years ended December 31 (in thousands, except per share/unit amounts):


Prologis, Inc.	2014		2013		2012
Net earnings (loss) attributable to common stockholders	$	622,235	$	315,422	$	(80,946)
Noncontrolling interest attributable to exchangeable limited partnership units		3,636		1,305		(162)

Adjusted net earnings (loss) attributable to common stockholders	$	625,871	$	316,727	$	(81,108)

Weighted average common shares outstanding - Basic (1)		499,583		486,076		459,895
Incremental weighted average effect on exchange of limited partnership units (2)		3,501		2,060		1,953
Incremental weighted average effect of equity awards and warrants		3,307		3,410		-

Weighted average common shares outstanding - Diluted (3)		506,391		491,546		461,848

Net earnings (loss) per share attributable to common stockholders -
Basic	$	1.25	$	0.65	$	(0.18)
Diluted	$	1.24	$	0.64	$	(0.18)

Prologis, L.P.	2014		2013		2012
Net earnings (loss) attributable to common unitholders	$	624,436	$	316,630	$	(81,108)
Noncontrolling interest attributable to exchangeable limited partnership units		1,435		97		-

Adjusted net earnings (loss) attributable to common unitholders	$	625,871	$	316,727	$	(81,108)

Weighted average common partnership units outstanding - Basic (1)		501,349		487,936		461,848
Incremental weighted average effect on exchange of limited partnership units		1,735		200		-
Incremental weighted average effect of equity awards and warrants of Prologis, Inc.		3,307		3,410		-

Weighted average common partnership units outstanding - Diluted (3)		506,391		491,546		461,848

Net earnings (loss) per unit attributable to common unitholders -
Basic	$	1.25	$	0.65	$	(0.18)
Diluted	$	1.24	$	0.64	$	(0.18)

(1)	The increase in shares/units between the periods is primarily due to equity offering in April 2013.

(2)

Income (loss) allocated to the exchangeable Operating Partnership units not held by the Parent has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. The incremental weighted average exchangeable Operating Partnership units (in thousands) were 1,767, 1,860 and 1,953 for the years ended December 31, 2014, 2013 and 2012, respectively.

(3)

Total weighted average potentially dilutive stock awards and warrant outstanding (in thousands) were 14,366, 13,998, and 9,805 for the years ended December 31, 2014, 2013 and 2012, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for all periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,932, 1,558, and 1,284 for the years ended December 31, 2014, 2013 and 2012, respectively.