PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
----------------------------------------------------
2001 2000 1999
------------- ------------- -------------
(amounts in thousands, except per share data)
Earnings Per Share:
- -------------------
Net income....................................................... $ 324,208 $ 297,088 $ 287,885
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) (2,052) (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................... (11,482) (15,309) (15,309)
8.45% Cumulative Preferred Stock, Series H.................... (10,853) (14,259) (14,259)
8-5/8% Cumulative Preferred Stock, Series I................... (7,475) (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) (9,488) (9,040)
8.25% Cumulative Preferred Stock, Series L................... (9,488) (9,488) (7,695)
8.75% Cumulative Preferred Stock, Series M.................... (4,922) (4,922) (1,846)
8.60% Cumulative Preferred Stock, Series Q.................... (14,134) - -
8.00% Cumulative Preferred Stock, Series R.................... (10,200) - -
7.875% Cumulative Preferred Stock, Series S................... (1,918) - -
------------- ------------- -------------
Total preferred dividends........................................ (117,979) (100,138) (94,793)
------------- ------------- -------------
$ 206,229 $ 196,950 $ 193,092
============= ============= =============
Allocation of net income allocable to common shareholders to classes:
Net income allocable to shareholders of the Equity Stock,
Series A.................................................. $ 19,455 $ 11,042 $ -
Net income allocable to shareholders of common stock....... 186,774 185,908 193,092
------------- ------------- -------------
$ 206,229 $ 196,950 $ 193,092
============= ============= =============
Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding.............. 122,310 131,566 126,308
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 1,267 91 361
------------- ------------- -------------
Diluted weighted average common shares outstanding............ 123,577 131,657 126,669
============= ============= =============
Basic earnings per common and common equivalent share............ $ 1.53 $ 1.41 $ 1.53
============= ============= =============
Diluted earnings per common and common equivalent share.......... $ 1.51 $ 1.41 $ 1.52
============= ============= =============
Note- There are no securities outstanding which would have an anti-dilutive
effect upon earnings per common share in each of the three years ended December
31, 2001.
Exhibit - 11