| Computation of Basic and Diluted Earnings Per Share Unit |
The computation of our basic and diluted earnings per share and unit (in thousands, except per share and unit amounts) is as follows:
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
Prologis, Inc. |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Net earnings attributable to common stockholders – Basic |
|
$ |
876,218 |
|
|
$ |
279,255 |
|
|
$ |
1,346,416 |
|
|
$ |
762,679 |
|
|
Net earnings attributable to redeemable limited partnership unitholders (1) |
|
|
24,362 |
|
|
|
7,713 |
|
|
|
38,127 |
|
|
|
24,479 |
|
|
Adjusted net earnings attributable to common stockholders – Diluted |
|
$ |
900,580 |
|
|
$ |
286,968 |
|
|
$ |
1,384,543 |
|
|
$ |
787,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding – Basic |
|
|
531,288 |
|
|
|
527,288 |
|
|
|
530,036 |
|
|
|
525,462 |
|
|
Incremental weighted average effect on redemption of limited partnership units (1) |
|
|
15,641 |
|
|
|
14,568 |
|
|
|
16,150 |
|
|
|
17,156 |
|
|
Incremental weighted average effect of equity awards |
|
|
7,234 |
|
|
|
5,344 |
|
|
|
5,432 |
|
|
|
2,610 |
|
|
Weighted average common shares outstanding – Diluted (2) |
|
|
554,163 |
|
|
|
547,200 |
|
|
|
551,618 |
|
|
|
545,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.65 |
|
|
$ |
0.53 |
|
|
$ |
2.54 |
|
|
$ |
1.45 |
|
|
Diluted |
|
$ |
1.63 |
|
|
$ |
0.52 |
|
|
$ |
2.51 |
|
|
$ |
1.44 |
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
Prologis, L.P. |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
Net earnings attributable to common unitholders |
|
$ |
900,331 |
|
|
$ |
286,943 |
|
|
$ |
1,383,529 |
|
|
$ |
784,917 |
|
|
Net earnings attributable to Class A common unitholders |
|
|
(14,233 |
) |
|
|
(4,641 |
) |
|
|
(21,911 |
) |
|
|
(12,769 |
) |
|
Net earnings attributable to common unitholders – Basic |
|
|
886,098 |
|
|
|
282,302 |
|
|
|
1,361,618 |
|
|
|
772,148 |
|
|
Net earnings attributable to Class A common unitholders |
|
|
14,233 |
|
|
|
4,641 |
|
|
|
21,911 |
|
|
|
12,769 |
|
|
Net earnings attributable to limited partnership unitholders |
|
|
249 |
|
|
|
25 |
|
|
|
1,014 |
|
|
|
2,241 |
|
|
Adjusted net earnings attributable to common unitholders – Diluted |
|
$ |
900,580 |
|
|
$ |
286,968 |
|
|
$ |
1,384,543 |
|
|
$ |
787,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common partnership units outstanding – Basic |
|
|
537,257 |
|
|
|
532,934 |
|
|
|
536,021 |
|
|
|
531,985 |
|
|
Incremental weighted average effect on conversion of Class A Units |
|
|
8,588 |
|
|
|
8,753 |
|
|
|
8,625 |
|
|
|
8,798 |
|
|
Incremental weighted average effect on redemption of limited partnership units into
common stock of Prologis, Inc. |
|
|
1,084 |
|
|
|
169 |
|
|
|
1,540 |
|
|
|
1,835 |
|
|
Incremental weighted average effect of equity awards of Prologis, Inc. |
|
|
7,234 |
|
|
|
5,344 |
|
|
|
5,432 |
|
|
|
2,610 |
|
|
Weighted average common partnership units outstanding – Diluted (2) |
|
|
554,163 |
|
|
|
547,200 |
|
|
|
551,618 |
|
|
|
545,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per unit attributable to common unitholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.65 |
|
|
$ |
0.53 |
|
|
$ |
2.54 |
|
|
$ |
1.45 |
|
|
Diluted |
|
$ |
1.63 |
|
|
$ |
0.52 |
|
|
$ |
2.51 |
|
|
$ |
1.44 |
|
|
(1) |
Earnings allocated to the redeemable Operating Partnership units not held by the Parent has been included in the numerator and redeemable Operating Partnership 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 potentially dilutive shares and units outstanding consisted of the following: |
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
Total weighted average potentially dilutive limited partnership units |
|
|
9,672 |
|
|
|
10,587 |
|
|
|
10,166 |
|
|
|
10,633 |
|
|
|
Total potentially dilutive stock awards |
|
|
9,934 |
|
|
|
9,220 |
|
|
|
9,038 |
|
|
|
7,783 |
|
|
|
Total Prologis, L.P. |
|
|
19,606 |
|
|
|
19,807 |
|
|
|
19,204 |
|
|
|
18,416 |
|
|
|
Limited partners in Prologis, L.P. |
|
|
5,969 |
|
|
|
5,646 |
|
|
|
5,984 |
|
|
|
6,523 |
|
|
|
Total Prologis, Inc. |
|
|
25,575 |
|
|
|
25,453 |
|
|
|
25,188 |
|
|
|
24,939 |
|
|