PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
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2001 2000 1999
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(amounts in thousands, except per share data)
Earnings Per Share:
Net income....................................................... $ 318,738 $ 324,208 $ 297,088
Less: Cumulative Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A...................... (3,422) (4,563) (4,563)
9.20% Cumulative Preferred Stock, Series B.................... (5,389) (5,488) (5,488)
Adjustable Rate Preferred Stock, Series C..................... (2,024) (2,024) (2,052)
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)
8.45% Cumulative Preferred Stock, Series H.................... - (10,853) (14,259)
8-5/8% Cumulative Preferred Stock, Series I................... - (7,475) (8,625)
8% Cumulative Preferred Stock, Series J....................... (9,200) (12,000) (12,000)
8.25% Cumulative Preferred Stock, Series K.................... (9,488) (9,488) (9,488)
8.25% Cumulative Preferred Stock, Series L................... (9,488) (9,488) (9,488)
8.75% Cumulative Preferred Stock, Series M.................... (4,922) (4,922) (4,922)
8.60% Cumulative Preferred Stock, Series Q.................... (14,835) (14,134) -
8.00% Cumulative Preferred Stock, Series R.................... (40,800) (10,200) -
7.875% Cumulative Preferred Stock, Series S................... (11,320) (1,918) -
7.625% Cumulative Preferred Stock, Series T................... (11,011) - -
7.625% Cumulative Preferred Stock, Series U................... (9,849) - -
7.50% Cumulative Preferred Stock, Series V.................... (3,234) - -
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Total preferred dividends........................................ (148,926) (117,979) (100,138)
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$ 169,812 $ 206,229 $ 196,950
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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.................................................. $ 21,501 $ 19,455 $ 11,042
Net income allocable to shareholders of common stock....... 148,311 186,774 185,908
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$ 169,812 $ 206,229 $ 196,950
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Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding.............. 123,005 122,310 131,566
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 1,566 1,267 91
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Diluted weighted average common shares outstanding............ 124,571 123,577 131,657
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Basic earnings per common and common equivalent share............ $ 1.21 $ 1.53 $ 1.41
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Diluted earnings per common and common equivalent share.......... $ 1.19 $ 1.51 $ 1.41
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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, 2002.
Exhibit 11