PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
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2004 2003 2002
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(amounts in thousands, except per share data)
Earnings Per Share:
Net income....................................................... $ 366,213 $ 336,653 $ 318,738
Less: Cumulative Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A...................... - - (3,422)
9.20% Cumulative Preferred Stock, Series B.................... - (1,322) (5,389)
Adjustable Rate Preferred Stock, Series C..................... - (1,013) (2,024)
9.50% Cumulative Preferred Stock, Series D.................... (2,131) (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% Cumulative Preferred Stock, Series J....................... - - (9,200)
8.25% Cumulative Preferred Stock, Series K.................... (501) (9,488) (9,488)
8.25% Cumulative Preferred Stock, Series L.................... (1,818) (9,488) (9,488)
8.75% Cumulative Preferred Stock, Series M.................... (3,089) (4,922) (4,922)
8.60% Cumulative Preferred Stock, Series Q.................... (14,835) (14,835) (14,835)
8.00% Cumulative Preferred Stock, Series R.................... (40,800) (40,800) (40,800)
7.875% Cumulative Preferred Stock, Series S................... (11,320) (11,320) (11,320)
7.625% Cumulative Preferred Stock, Series T................... (11,601) (11,601) (11,011)
7.625% Cumulative Preferred Stock, Series U................... (11,438) (11,438) (9,849)
7.50% Cumulative Preferred Stock, Series V.................... (12,938) (12,938) (3,234)
6.50% Cumulative Preferred Stock, Series W.................... (8,612) (2,057) -
6.45% Cumulative Preferred Stock, Series X.................... (7,740) (1,030) -
6.850% Cumulative Preferred Stock, Series Y................... (2,732) - -
6.250% Cumulative Preferred Stock, Series Z................... (5,801) - -
6.125% Cumulative Preferred Stock, Series A................... (5,302) - -
7.125% Cumulative Preferred Stock, Series B................... (3,896) - -
6.600% Cumulative Preferred Stock, Series C................... (2,277) - -
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Total preferred dividends........................................ (157,925) (146,196) (148,926)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (application of EITF
Topic D-42) .................................................. (8,724) (7,120) (6,888)
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Total net income allocated to preferred shareholders............. $ (166,649) $ (153,316) $ (155,814)
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Total net income allocable to common shareholders................ $ 199,564 $ 183,337 $ 162,924
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Stock,
Series A.................................................. $ 21,501 $ 21,501 $ 21,501
Net income allocable to shareholders of common stock....... 178,063 161,836 141,423
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$ 199,564 $ 183,337 $ 162,924
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding.............. 127,836 125,181 123,005
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 845 1,336 1,566
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Diluted weighted average common shares outstanding............ 128,681 126,517 124,571
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Basic earnings per common and common equivalent share............ $ 1.39 $ 1.29 $ 1.15
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Diluted earnings per common and common equivalent share.......... $ 1.38 $ 1.28 $ 1.14
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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, 2004.
Exhibit 11