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,
----------------------------- -----------------------------
Earnings Per Share: 2003 2002 2003 2002
------------ ----------- ----------- -----------
(Amounts in thousands, except per share data)
Net income............................................ $ 89,747 $ 83,351 $ 250,683 $ 251,524
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A........... - (1,142) - (3,422)
9.20% Cumulative Preferred Stock, Series B......... - (1,322) (1,323) (4,066)
Adjustable Rate Preferred Stock, Series C.......... - (507) (1,012) (1,519)
9.50% Cumulative Preferred Stock, Series D......... (711) (711) (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......... (1,403) (1,403) (4,205) (4,205)
8.00% Cumulative Preferred Stock, Series J......... - (3,000) - (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......... (3,708) (3,708) (11,126) (11,126)
8.00% Cumulative Preferred Stock, Series R......... (10,200) (10,200) (30,600) (30,600)
7.875% Cumulative Preferred Stock, Series S........ (2,830) (2,830) (8,490) (8,490)
7.625% Cumulative Preferred Stock, Series T........ (2,900) (2,900) (8,700) (8,111)
7.625% Cumulative Preferred Stock, Series U........ (2,859) (2,859) (8,580) (6,990)
7.500% Cumulative Preferred Stock, Series V........ (3,236) - (9,703) -
------------ ----------- ----------- -----------
Total preferred dividends (35,193) (37,928) (107,914) (111,704)
Original issue discount on redeemed preferred shares
(a)................................................. - (6,888) (3,397) (6,888)
------------ ----------- ----------- -----------
$ 54,554 $ 38,535 $ 139,372 $ 132,932
============ =========== =========== ===========
Allocation of net income allocable to common shareholders to classes:
Net income allocable to shareholders of the
Equity Stock, Series A......................... 5,375 5,375 16,126 16,126
Net income allocable to shareholders of common
stock.......................................... 49,179 33,160 123,246 116,806
------------ ----------- ----------- -----------
$ 54,554 $ 38,535 $ 139,372 $ 132,932
============ =========== =========== ===========
Weighted average common shares outstanding:
Basic - weighted average common shares
outstanding................................... 125,528 123,341 124,740 122,707
Effect of dilutive stock options - based on
treasury stock method using average market
price......................................... 1,274 1,443 1,247 1,832
------------ ----------- ----------- -----------
Diluted weighted average common shares
outstanding................................... 126,802 124,784 125,987 124,539
============ =========== =========== ===========
Basic earnings per common share....................... $0.39 $0.27 $0.99 $0.95
============ =========== =========== ===========
Diluted earnings per common share..................... $0.39 $0.27 $0.98 $0.94
============ =========== =========== ===========
(a) See Note 2 to the Company's consolidated financial statements regarding "Net
Income per Common Share" and the underlying discussion on Emerging Issues Task
Force Topic D-42.
Note: There are no securities outstanding which would have an anti-dilutive
effect upon earnings per common share in each of the three and nine month
periods ending September 30, 2003 and 2002.
Exhibit 11