PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the three months ended For the nine months ended
September 30, September 30,
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Earnings Per Share: 2001 2000 2001 2000
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(Amounts in thousands, except per share data)
Net income........................................................ $ 83,604 $ 75,652 $ 240,012 $ 222,516
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A....................... (1,141) (1,141) (3,422) (3,422)
9.20% Cumulative Preferred Stock, Series B..................... (1,372) (1,372) (4,116) (4,116)
Adjustable Rate Preferred Stock, Series C...................... (506) (506) (1,518) (1,547)
9.50% Cumulative Preferred Stock, Series D..................... (713) (713) (2,137) (2,137)
10.0% Cumulative Preferred Stock, Series E..................... (1,372) (1,372) (4,116) (4,116)
9.75% Cumulative Preferred Stock, Series F..................... (1,401) (1,401) (4,205) (4,205)
8.875% Cumulative Preferred Stock, Series G.................... (3,827) (3,827) (11,482) (11,482)
8.45% Cumulative Preferred Stock, Series H..................... (3,565) (3,565) (10,694) (10,694)
8.625% Cumulative Preferred Stock, Series I.................... (2,156) (2,156) (6,469) (6,469)
8.00% Cumulative Preferred Stock, Series J..................... (3,000) (3,000) (9,000) (9,000)
8.25% Cumulative Preferred Stock, Series K..................... (2,372) (2,372) (7,116) (7,116)
8.25% Cumulative Preferred Stock, Series L..................... (2,372) (2,372) (7,116) (7,116)
8.75% Cumulative Preferred Stock, Series M..................... (1,230) (1,230) (3,690) (3,690)
8.60% Cumulative Preferred Stock, Series Q..................... (3,709) - (10,427) -
8.00% Cumulative Preferred Stock, Series R..................... - - - -
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Total preferred dividends (28,736) (25,027) (85,508) (75,110)
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$ 54,868 $ 50,625 $ 154,504 $ 147,406
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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.......................................................... 5,314 2,666 14,080 7,590
Net income allocable to shareholders of common stock........... 49,554 47,959 140,424 139,816
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$ 54,868 $ 50,625 $ 154,504 $ 147,406
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding............ 120,092 131,084 122,951 131,815
Effect of dilutive stock options - based on treasury stock
method using average market price........................... 1,662 177 1,026 160
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Diluted weighted average common shares outstanding (1)....... 121,754 131,261 123,977 131,975
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Basic earnings per common share................................... $0.41 $0.37 $1.14 $1.06
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Diluted earnings per common share (1) (2)........................ $0.41 $0.37 $1.13 $1.06
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(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.
(2) There are no additional potentially dilutive or anti-dilutive
securities for the three or nine months ended September 30, 2001 and
2000 within the definitions of Statement of Financial Accounting
Standards No. 128, "Earnings per Share." Accordingly, there is no
separate presentation of a determination of the impact of conversion of
anti-dilutive securities.
Exhibit 11