PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Exhibit 11
For the Three Months Ended
Earnings Per Share: March 31,
- -------------------
2005 2004
------------------ --------------
(amounts in thousands, except
per share data)
Net income.................................................. $ 96,411 $ 69,067
Less: Cumulative Preferred Stock Dividends:
9.50% Cumulative Preferred Stock, Series D............... - (713)
10.00% Cumulative Preferred Stock, Series E.............. (457) (1,372)
9.75% Cumulative Preferred Stock, Series F............... (1,401) (1,401)
8.25% Cumulative Preferred Stock, Series K............... - (501)
8.25% Cumulative Preferred Stock, Series L............... - (1,818)
8.75% Cumulative Preferred Stock, Series M............... - (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) (2,153)
6.45% Cumulative Preferred Stock, Series X............... (1,935) (1,935)
6.85% Cumulative Preferred Stock, Series Y............... (685) (678)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (508)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) -
7.125% Cumulative Preferred Stock, Series B.............. (1,937) -
6.60% Cumulative Preferred Stock, Series C............... (1,898) -
6.18% Cumulative Preferred Stock, Series D............... (695) -
------------------ --------------
Total preferred dividends................................... (40,413) (38,042)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... (1,904) (3,723)
------------------ --------------
Total net income allocated to preferred shareholders........ $ (42,317) $ (41,765)
================== ==============
Total net income allocable to common shareholders........... $ 54,094 $ 27,302
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.. 48,719 21,927
------------------ --------------
$ 54,094 $ 27,302
================== ==============
Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding......... 128,586 127,182
Net effect of dilutive stock options and restricted
stock units - based on treasury stock method using
average market price................................... 589 1,508
------------------ --------------
Diluted weighted average common shares outstanding....... 129,175 128,387
================== ==============
Basic and diluted earnings per common and common equivalent
share (a)................................................ $ 0.38 $ 0.17
================== ==============
(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, 2005 and 2004.
Exhibit 11