| Computation of Basic and Diluted Earnings Per Share Unit |
The computation of our basic and diluted earnings per share and unit for the years ended December 31 (in thousands, except per share and unit amounts) was as follows:
|
Prologis, Inc. |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Net earnings attributable to common stockholders – Basic |
|
$ |
1,641,931 |
|
|
$ |
1,203,218 |
|
|
$ |
862,788 |
|
|
Net earnings attributable to exchangeable limited partnership units (1) |
|
|
46,280 |
|
|
|
37,079 |
|
|
|
13,120 |
|
|
Gains, net of expenses, associated with exchangeable debt assumed exchanged (2) |
|
|
- |
|
|
|
- |
|
|
|
(1,614 |
) |
|
Adjusted net earnings attributable to common stockholders – Diluted |
|
$ |
1,688,211 |
|
|
$ |
1,240,297 |
|
|
$ |
874,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding – Basic |
|
|
530,400 |
|
|
|
526,103 |
|
|
|
521,241 |
|
|
Incremental weighted average effect on exchange of limited partnership units (1) |
|
|
15,945 |
|
|
|
16,833 |
|
|
|
8,569 |
|
|
Incremental weighted average effect of equity awards |
|
|
5,955 |
|
|
|
3,730 |
|
|
|
1,961 |
|
|
Incremental weighted average effect on exchangeable debt assumed exchanged (2) |
|
|
- |
|
|
|
- |
|
|
|
2,173 |
|
|
Weighted average common shares outstanding – Diluted (3) |
|
|
552,300 |
|
|
|
546,666 |
|
|
|
533,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.10 |
|
|
$ |
2.29 |
|
|
$ |
1.66 |
|
|
Diluted |
|
$ |
3.06 |
|
|
$ |
2.27 |
|
|
$ |
1.64 |
|
|
Prologis, L.P. |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Net earnings attributable to common unitholders |
|
$ |
1,686,945 |
|
|
$ |
1,237,519 |
|
|
$ |
873,914 |
|
|
Net earnings attributable to Class A convertible common unitholders |
|
|
(26,642 |
) |
|
|
(20,069 |
) |
|
|
(3,393 |
) |
|
Net earnings attributable to common unitholders – Basic |
|
|
1,660,303 |
|
|
|
1,217,450 |
|
|
|
870,521 |
|
|
Net earnings attributable to Class A convertible common unitholders |
|
|
26,642 |
|
|
|
20,069 |
|
|
|
3,393 |
|
|
Net earnings attributable to exchangeable limited partnership units |
|
|
1,266 |
|
|
|
2,778 |
|
|
|
1,994 |
|
|
Gain, net of expenses, associated with exchangeable debt assumed exchanged (2) |
|
|
- |
|
|
|
- |
|
|
|
(1,614 |
) |
|
Adjusted net earnings attributable to common unitholders – Diluted |
|
$ |
1,688,211 |
|
|
$ |
1,240,297 |
|
|
$ |
874,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common partnership units outstanding – Basic |
|
|
536,335 |
|
|
|
532,326 |
|
|
|
525,912 |
|
|
Incremental weighted average effect on exchange of Class A units |
|
|
8,607 |
|
|
|
8,775 |
|
|
|
2,050 |
|
|
Incremental weighted average effect on exchange of limited partnership units |
|
|
1,403 |
|
|
|
1,835 |
|
|
|
1,848 |
|
|
Incremental weighted average effect of equity awards of Prologis, Inc. |
|
|
5,955 |
|
|
|
3,730 |
|
|
|
1,961 |
|
|
Incremental weighted average effect on exchangeable debt assumed exchanged (2) |
|
|
- |
|
|
|
- |
|
|
|
2,173 |
|
|
Weighted average common units outstanding – Diluted (3) |
|
|
552,300 |
|
|
|
546,666 |
|
|
|
533,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per unit attributable to common unitholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.10 |
|
|
$ |
2.29 |
|
|
$ |
1.66 |
|
|
Diluted |
|
$ |
3.06 |
|
|
$ |
2.27 |
|
|
$ |
1.64 |
|
|
(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) |
In March 2015, the exchangeable debt was settled primarily through the issuance of common stock. The adjustment in 2015 assumes the exchange occurred on January 1, 2015. |
|
(3) |
Our total potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following: |
|
|
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
|
Total weighted average potentially dilutive limited partnership units |
|
10,010 |
|
|
|
10,610 |
|
|
|
3,898 |
|
|
|
Total potentially dilutive stock awards |
|
9,183 |
|
|
|
8,444 |
|
|
|
7,299 |
|
|
|
Total weighted average potentially dilutive shares and units from exchangeable debt |
|
- |
|
|
|
- |
|
|
|
2,173 |
|
|
|
Prologis, L.P. |
|
19,193 |
|
|
|
19,054 |
|
|
|
13,370 |
|
|
|
Limited partners in Prologis, L.P. |
|
5,935 |
|
|
|
6,223 |
|
|
|
4,671 |
|
|
|
Prologis, Inc. |
|
25,128 |
|
|
|
25,277 |
|
|
|
18,041 |
|
|