PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
---------------------------------------------------
2003 2002 2001
------------- ------------- ------------
(amounts in thousands, except per share data)
Earnings Per Share:
Net income....................................................... $ 336,653 $ 318,738 $ 324,208
Less: Cumulative Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A...................... - (3,422) (4,563)
9.20% Cumulative Preferred Stock, Series B.................... (1,322) (5,389) (5,488)
Adjustable Rate Preferred Stock, Series C..................... (1,013) (2,024) (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)
8.45% Cumulative Preferred Stock, Series H.................... - - (10,853)
8-5/8% Cumulative Preferred Stock, Series I................... - - (7,475)
8% Cumulative Preferred Stock, Series J....................... - (9,200) (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) (14,835) (14,134)
8.00% Cumulative Preferred Stock, Series R.................... (40,800) (40,800) (10,200)
7.875% Cumulative Preferred Stock, Series S................... (11,320) (11,320) (1,918)
7.625% Cumulative Preferred Stock, Series T................... (11,601) (11,011) -
7.625% Cumulative Preferred Stock, Series U................... (11,438) (9,849) -
7.50% Cumulative Preferred Stock, Series V.................... (12,938) (3,234) -
6.50% Cumulative Preferred Stock, Series W.................... (2,057) - -
6.45% Cumulative Preferred Stock, Series X.................... (1,030) - -
------------- ------------- ------------
Total preferred dividends........................................ (146,196) (148,926) (117,979)
Allocation of income to preferred shareholders based on
redemptions of preferred stock................................ (7,120) (6,888) (14,835)
------------- ------------- ------------
Total net income allocated to preferred shareholders............. $ (153,316) $ (155,814) $ (132,814)
============= ============= ============
Total net income allocable to common shareholders................ $ 183,337 $ 162,924 $ 191,394
============= ============= ============
Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Stock,
Series A.................................................. $ 21,501 $ 21,501 $ 19,455
Net income allocable to shareholders of common stock....... 161,836 141,423 171,939
------------- ------------- ------------
$ 183,337 $ 162,924 $ 191,394
============= ============= ============
Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding.............. 125,181 123,005 122,310
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 1,336 1,566 1,267
------------- ------------- ------------
Diluted weighted average common shares outstanding............ 126,517 124,571 123,577
============= ============= ============
Basic earnings per common and common equivalent share............ $ 1.29 $ 1.15 $ 1.41
============= ============= ============
Diluted earnings per common and common equivalent share.......... $ 1.28 $ 1.14 $ 1.39
============= ============= ============
Note- There were no securities outstanding which would have had an anti-dilutive
effect upon earnings per common share in each of the three years ended December
31, 2003.
Exhibit 11