PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Exhibit 11
For the Three Months Ended
March 31,
2004 2003
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(amounts in thousands, except per
share data)
Earnings Per Share:
Net income.......................................................... $ 69,067 $ 76,639
Less: Cumulative Preferred Stock Dividends:
9.20% Cumulative Preferred Stock, Series B....................... - (1,323)
Adjustable Rate Preferred Stock, Series C........................ - (506)
9.50% Cumulative Preferred Stock, Series D....................... (713) (713)
10.00% Cumulative Preferred Stock, Series E...................... (1,372) (1,372)
9.75% Cumulative Preferred Stock, Series F....................... (1,401) (1,401)
8.25% Cumulative Preferred Stock, Series K....................... (501) (2,372)
8.25% Cumulative Preferred Stock, Series L....................... (1,818) (2,372)
8.75% Cumulative Preferred Stock, Series M....................... (1,230) (1,230)
8.60% Cumulative Preferred Stock, Series Q....................... (3,709) (3,709)
8.00% Cumulative Preferred Stock, Series R....................... (10,200) (10,200)
7.875% Cumulative Preferred Stock, Series S...................... (2,830) (2,830)
7.625% Cumulative Preferred Stock, Series T...................... (2,900) (2,900)
7.625% Cumulative Preferred Stock, Series U...................... (2,860) (2,860)
7.50% Cumulative Preferred Stock, Series V....................... (3,234) (3,234)
6.50% Cumulative Preferred Stock, Series W....................... (2,153) -
6.45% Cumulative Preferred Stock, Series X....................... (1,935) -
6.85% Cumulative Preferred Stock, Series Y....................... (678) -
6.25% Cumulative Preferred Stock, Series Z....................... (508) -
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Total preferred dividends........................................... (38,042) (37,022)
Allocation of income to preferred shareholders based on redemptions
of preferred stock (a)........................................... (3,723) (2,297)
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Total net income allocated to preferred shareholders................ $ (41,765) $ (39,319)
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Total net income allocable to common shareholders................... $ 27,302 $ 37,320
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Stock, Series A $ 5,375 $ 5,375
Net income allocable to shareholders of common stock.......... 21,927 31,945
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$ 27,302 $ 37,320
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding................. 127,182 124,078
Net effect of dilutive stock options - based on treasury stock
method using average market price.............................. 1,205 1,154
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Diluted weighted average common shares outstanding............... 128,387 125,232
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Basic earnings per common and common equivalent share (a)........... $ 0.17 $ 0.26
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Diluted earnings per common and common equivalent share (a)......... $ 0.17 $ 0.26
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(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 for each of the three months ended March
31, 2004 and 2003.
Exhibit 11