PUBLIC STORAGE, INC. Exhibit 11 - Statement Re: Computation of Earnings Per Share For the Three Months Ended March 31, ------------------------------------ Earnings Per Share: 2002 2001 - ----------------------------------------------------------------------------- --------------- --------------- Net income................................................................... $ 87,455,000 $ 74,635,000 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................................. (506,000) (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) 8.45% Cumulative Preferred Stock, Series H................................ - (3,565,000) 8.625% Cumulative Preferred Stock, Series I............................... - (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) (2,372,000) 8.25% Cumulative Preferred Stock, Series L................................ (2,372,000) (2,372,000) 8.75% Cumulative Preferred Stock, Series M................................ (1,230,000) (1,230,000) 8.60% Cumulative Preferred Stock, Series Q................................ (3,709,000) (3,009,000) 8.00% Cumulative Preferred Stock, Series R................................ (10,200,000) - 7.875% Cumulative Preferred Stock, Series S............................... (2,830,000) - 7.625% Cumulative Preferred Stock, Series T............................... (2,352,000) - 7.625% Cumulative Preferred Stock, Series U............................... (1,271,000) - --------------- --------------- $ 51,615,000 $ 46,599,000 =============== =============== Allocation of net income allocable to common shareholders to classes: Net income allocable to shareholders of the Equity Stock, Series A...... $ 5,375,000 $ 3,452,000 Net income allocable to shareholders of common stock.................... 46,240,000 43,147,000 --------------- --------------- $ 51,615,000 $ 46,599,000 =============== =============== Weighted average common shares outstanding: Basic - weighted average common shares outstanding........................ 121,946,000 128,114,000 Net effect of dilutive stock options - based on treasury stock method using average market price.................................................... 2,119,000 585,000 --------------- --------------- Diluted weighted average common shares outstanding........................ 124,065,000 128,699,000 =============== =============== Basic earnings per common share.............................................. $0.38 $0.34 =============== =============== Diluted earnings per common share............................................ $0.37 $0.34 =============== =============== Note - There are no securities outstanding which would have an anti-dilutive effect upon earnings per common share in each of the periods ending March 31, 2002 and 2001. Exhibit 11