PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended For the Nine Months Ended
Earnings Per Share: September 30, September 30,
- ------------------- 2004 2003 2004 2003
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(amounts in thousands, except pershare data)
Net income.................................................. $ 97,515 $ 89,747 $ 258,942 $ 250,683
Less: Cumulative Preferred Stock Dividends:
9.20% Cumulative Preferred Stock, Series B............... - - - (1,323)
Adjustable Rate Preferred Stock, Series C................ - - - (1,012)
9.50% Cumulative Preferred Stock, Series D............... (705) (711) (2,131) (2,137)
10.00% 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)
8.25% Cumulative Preferred Stock, Series K............... - (2,372) (501) (7,116)
8.25% Cumulative Preferred Stock, Series L............... - (2,372) (1,818) (7,116)
8.75% Cumulative Preferred Stock, Series M............... (629) (1,230) (3,089) (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) (8,700)
7.625% Cumulative Preferred Stock, Series U.............. (2,859) (2,859) (8,580) (8,580)
7.50% Cumulative Preferred Stock, Series V............... (3,236) (3,236) (9,703) (9,703)
6.50% Cumulative Preferred Stock, Series W............... (2,153) - (6,459) -
6.45% Cumulative Preferred Stock, Series X............... (1,935) - (5,805) -
6.85% Cumulative Preferred Stock, Series Y............... (685) - (2,048) -
6.25% Cumulative Preferred Stock, Series Z............... (1,758) - (4,043) -
6.125% Cumulative Preferred Stock, Series A.............. (1,761) - (3,542) -
7.125% Cumulative Preferred Stock, Series B.............. (1,959) - (1,959) -
6.60% Cumulative Preferred Stock, Series C............... (378) - (378) -
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Total preferred dividends................................... (40,471) (35,193) (117,293) (107,914)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... (3,072) - (6,795) (3,397)
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Total net income allocated to preferred shareholders........ $ (43,543) $ (35,193) $ (124,088) $ (111,311)
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Total net income allocable to common shareholders........... $ 53,972 $ 54,554 $ 134,854 $ 139,372
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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 $ 16,126 $ 16,126
Net income allocable to shareholders of common stock.. 48,597 49,179 118,728 123,246
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$ 53,972 $ 54,554 $ 134,854 $ 139,372
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding......... 128,085 125,528 127,635 124,740
Net effect of dilutive stock options and restricted
stock units - based on treasury stock method using
average market price................................... 741 1,274 910 1,247
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Diluted weighted average common shares outstanding....... 128,826 126,802 128,545 125,987
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Basic earnings per common and common equivalent share (a)... $ 0.38 $ 0.39 $ 0.93 $ 0.99
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Diluted earnings per common and common equivalent share (a). $ 0.38 $ 0.39 $ 0.92 $ 0.98
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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 and nine months
ended September 30, 2004 and 2003
Exhibit 11