PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
FOR THE YEAR ENDED DECEMBER 31,
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2000 1999 1998
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(amounts in thousands, except per share data)
EARNINGS PER SHARE:
Net income $ 297,088 $ 287,885 $ 227,019
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 (2,052) (2,024) (2,024)
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) (12,000)
8.25% Cumulative Preferred Stock, Series K (9,488) (9,040) -
8.25% Cumulative Preferred Stock, Series L (9,488) (7,695) -
8.75% Cumulative Preferred Stock, Series M (4,922) (1,846) -
8.25% Convertible Preferred Stock - - (2,163)
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Total preferred dividends (100,138) (94,793) (78,375)
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$ 196,950 $ 193,092 $ 148,644
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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 $ 11,042 $ - $ -
Net income allocable to shareholders of common stock 185,908 193,092 148,644
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$ 196,950 $ 193,092 $ 148,644
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Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding 131,566 126,308 113,929
Net effect of dilutive stock options - based on treasury stock
method using average market price 91 361 428
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Diluted weighted average common shares outstanding 131,657 126,669 114,357
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Basic earnings per common and common equivalent share $ 1.41 $ 1.53 $ 1.30
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Diluted earnings per common and common equivalent share $ 1.41 $ 1.52 $ 1.30
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Exhibit-11
FOR THE YEAR ENDED DECEMBER 31,
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2000 1999 1998
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(amounts in thousands, except per share data)
DILUTED EARNINGS PER SHARE, ASSUMING CONVERSION OF ANTI-DILUTIVE
SECURITIES
Net income allocable to common shareholders per calculation above $ 196,950 $ 193,092 $ 148,644
Add: Dividends to 8.25% Convertible Preferred Stock - - 2,163
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Net income allocable to common shareholders for purposes of determining
Diluted Earnings Per Share, assuming conversion of anti-dilutive
securities $ 196,950 $ 193,092 $ 150,807
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Diluted weighed average common shares outstanding 131,657 126,669 114,357
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
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Weighed average common shares for purposes of computation of Diluted
Earnings Per Share, assuming conversion of anti-dilutive securities 131,657 126,669 116,120
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Diluted Earnings Per Share, assuming conversion of anti-dilutive
securities (1) $ 1.41 $ 1.52 $ 1.30
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(1) Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements.
In addition, the Company 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 in 1999 and 1998, the conversion has not been assumed.
Exhibit-11