PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
FOR THE YEAR ENDED DECEMBER 31,
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1999 1998 1997
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(amounts in thousands, except per share data)
EARNINGS PER SHARE:
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Net income $ 287,885 $ 227,019 $ 178,649
Less: Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A (4,563) (4,563) (4,563)
9.20% Cumulative Preferred Stock, Series B (5,488) (5,488) (5,488)
Adjustable Rate Preferred Stock, Series C (2,024) (2,024) (2,213)
9.50% Cumulative Preferred Stock, Series D (2,850) (2,850) (2,850)
10.00% Cumulative Preferred Stock, Series E (5,488) (5,488) (5,488)
9.75% Cumulative Preferred Stock, Series F (5,606) (5,606) (5,606)
8-7/8% Cumulative Preferred Stock, Series G (15,309) (15,309) (15,309)
8.45% Cumulative Preferred Stock, Series H (14,259) (14,259) (14,259)
8-5/8% Cumulative Preferred Stock, Series I (8,625) (8,625) (8,625)
8% Cumulative Preferred Stock, Series J (12,000) (12,000) (4,133)
8.25% Cumulative Preferred Stock, Series K (9,040) - -
8.25% Cumulative Preferred Stock, Series L (7,695) - -
8.75% Cumulative Preferred Stock, Series M (1,846) - -
8.25% Convertible Preferred Stock - (2,163) (4,531)
Convertible Preferred Stock, Series CC - - (15,328)
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Net income allocable to common shareholders $ 193,092 $ 148,644 $ 90,256
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Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding 126,308 113,929 98,446
Net effect of dilutive stock options - based on treasury stock
method using average market price 361 428 515
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Diluted weighted average common shares outstanding 126,669 114,357 98,961
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Basic earnings per common and common equivalent share $ 1.53 $ 1.30 $ 0.92
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Diluted earnings per common and common equivalent share $ 1.52 $ 1.30 $ 0.91
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Exhibit-11
FOR THE YEAR ENDED DECEMBER 31,
PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
FOR THE YEAR ENDED DECEMBER 31,
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1999 1998 1997
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(amounts in thousands, except per share data)
DILUTED EARNINGS PER SHARE, ASSUMING CONVERSION OF ANTI-DILUTIVE
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SECURITIES
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Net income allocable to common shareholders per calculation above $ 193,092 $ 148,644 $ 90,256
Add: Dividends to 8.25% Convertible Preferred Stock - 2,163 4,531
Add: Dividends to Mandatory Convertible Preferred Stock, Series CC - - 1,916
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Net income allocable to common shareholders for purposes of determining
Diluted Earnings Per Share, assuming conversion of anti-dilutive
securities $ 193,092 $ 150,807 $ 96,703
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Diluted weighed average common shares outstanding 126,669 114,357 98,961
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Pro forma weighted average common shares assuming conversion of 8.25%
Convertible Preferred Stock at date of issuance (July 15, 1994)
until actual conversion date (July 1, 1998) - 1,763 3,705
Pro forma weighted average common shares assuming conversion of the
Mandatory Convertible Preferred Stock, Series CC from date of
issuance (April 1, 1996) until date of conversion (April 1, 1997) - - 479
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Weighed average common shares for purposes of computation of Diluted Earnings
Per Share, assuming conversion of anti-dilutive securities 126,669 116,120 103,145
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Diluted Earnings Per Share, assuming conversion of anti-dilutive
securities (1) $ 1.52 $ 1.30 $ 0.94
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(1) Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements.
In addition, the In addition, theCompany has 7,000,000 shares of Class B
Common Stock which are convertible into shares of the Company's Common
Stock subject to the attainment of certain earnings milestone by the
Company. As these earnings milestones have not been met, the conversion has
not been assumed.
Exhibit-11