PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended
March 31,
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EARNINGS PER SHARE: 2000 1999
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Net income ................................................................... $ 72,561,000 $ 61,842,000
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A .................................. (1,140,000) (1,140,000)
9.20% Cumulative Preferred Stock, Series B ................................ (1,372,000) (1,372,000)
Adjustable Rate Preferred Stock, Series C ................................. (517,000) (506,000)
9.50% Cumulative Preferred Stock, Series D ................................ (713,000) (713,000)
10.0% Cumulative Preferred Stock, Series E ................................ (1,372,000) (1,372,000)
9.75% Cumulative Preferred Stock, Series F ................................ (1,401,000) (1,401,000)
8.875% Cumulative Preferred Stock, Series G ............................... (3,828,000) (3,828,000)
8.45% Cumulative Preferred Stock, Series H ................................ (3,565,000) (3,565,000)
8.625% Cumulative Preferred Stock, Series I ............................... (2,156,000) (2,156,000)
8.00% Cumulative Preferred Stock, Series J ................................ (3,000,000) (3,000,000)
8.25% Cumulative Preferred Stock, Series K ................................ (2,372,000) (1,924,000)
8.25% Cumulative Preferred Stock, Series L ................................ (2,372,000) (553,000)
8.75% Cumulative Preferred Stock, Series M ................................ (1,230,000) --
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. ............................................................................ $ 47,523,000 $ 40,312,000
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Allocation of net income allocable to common shareholders to classes:
Net income allocable to shareholders of the Equity Stock, Series A ...... $ 2,258,000 $ --
Net income allocable to shareholders of common stock .................... 45,265,000 40,312,000
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$ 47,523,000 $ 40,312,000
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding ........................ 132,781,000 118,624,000
Net effect of dilutive stock options - based on treasury stock method using
average market price .................................................... 121,000 390,000
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Diluted weighted average common shares outstanding (1) .................... 132,902,000 119,014,000
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Basic earnings per common share .............................................. $ 0.34 $ 0.34
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Diluted earnings per common share (1) ........................................ $ 0.34 $ 0.34
=============== ===============
1. Diluted net income per common share is computed using the weighted average
common shares outstanding (adjusted for stock options). Commencing January
1, 2000, the 7,000,000 Class B common shares outstanding began to
participate in distributions of our earnings. Distributions per share of
Class B common stock are equal to 97% of the per share distribution paid to
our regular common shares. As a result of this participation in
distribution of earnings, for purposes of computing net income per common
share, we began to include 6,790,000 (7,000,000 x 97%) Class B common
shares in the weighted average common equivalent shares for the three
months ended March 31, 2000. Weighted average diluted shares for the three
months ended March 31, 1999 does not include any shares with respect to the
Class B common stock as these shares were not participating in
distributions of our earnings prior to January 1, 2000.
Exhibit 11
For the Three Months Ended
March 31,
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EARNINGS PER SHARE: 2000 1999
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Net income allocable to common shareholders for purposes of determining Diluted
Earnings per Share, assuming conversion of anti-dilutive securities........... $ 45,265,000 $ 40,312,000
=============== ===============
Weighted average common shares for purposes of computation of Diluted Earnings per
Share, assuming conversion of anti-dilutive securities........................ 132,902,000 119,014,000
=============== ===============
Diluted Earnings per Common Share, assuming conversion of anti-dilutive securities
(1)........................................................................... $ 0.34 $ 0.34
=============== ===============
(1) Such amounts are anti-dilutive and are not presented in our consolidated
financial statements.
Diluted net income per common share is computed using the weighted average
common shares outstanding (adjusted for stock options). Commencing January
1, 2000, the 7,000,000 Class B common shares outstanding began to
participate in distributions of our earnings. Distributions per share of
Class B common stock are equal to 97% of the per share distribution paid to
our regular common shares. As a result of this participation in
distribution of earnings, for purposes of computing net income per common
share, we began to include 6,790,000 (7,000,000 x 97%) Class B common
shares in the weighted average common equivalent shares for the three
months ended March 31, 2000. Weighted average diluted shares for the three
months ended March 31, 1999 does not include any shares with respect to the
Class B common stock as these shares were not participating in
distributions of our earnings prior to January 1, 2000.
Exhibit 11