PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended For the Six Months Ended
Earnings Per Share: June 30, June 30,
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2005 2004 2005 2004
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(amounts in thousands, except per share data)
Net income.................................................. $ 108,266 $ 92,360 $ 204,677 $ 161,427
Less: Cumulative Preferred Stock Dividends:
9.50% Cumulative Preferred Stock, Series D............... - (713) - (1,426)
10.00% Cumulative Preferred Stock, Series E.............. - (1,372) (457) (2,744)
9.75% Cumulative Preferred Stock, Series F............... (483) (1,401) (1,884) (2,802)
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) - (2,460)
8.60% Cumulative Preferred Stock, Series Q............... (3,709) (3,709) (7,418) (7,418)
8.00% Cumulative Preferred Stock, Series R............... (10,200) (10,200) (20,400) (20,400)
7.875% Cumulative Preferred Stock, Series S.............. (2,830) (2,830) (5,660) (5,660)
7.625% Cumulative Preferred Stock, Series T.............. (2,900) (2,900) (5,800) (5,800)
7.625% Cumulative Preferred Stock, Series U.............. (2,860) (2,860) (5,720) (5,720)
7.50% Cumulative Preferred Stock, Series V............... (3,234) (3,234) (6,468) (6,468)
6.50% Cumulative Preferred Stock, Series W............... (2,153) (2,153) (4,306) (4,306)
6.45% Cumulative Preferred Stock, Series X............... (1,935) (1,935) (3,870) (3,870)
6.85% Cumulative Preferred Stock, Series Y............... (685) (685) (1,370) (1,363)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (1,777) (3,516) (2,285)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) (1,781) (3,522) (1,781)
7.125% Cumulative Preferred Stock, Series B.............. (1,937) - (3,874) -
6.60% Cumulative Preferred Stock, Series C............... (1,898) - (3,796) -
6.18% Cumulative Preferred Stock, Series D............... (2,086) - (2,781) -
6.75% Cumulative Preferred Stock, Series E............... (1,718) - (1,718) -
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Total preferred dividends................................... (42,147) (38,780) (82,560) (76,822)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... - - (1,904) (3,723)
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Total net income allocated to preferred shareholders........ $ (42,147) $ (38,780) $(84,464) $ (80,545)
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Total net income allocable to common shareholders........... $ 66,119 $ 53,580 $120,213 $ 80,882
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity
Stock, Series A...................................... $ 5,356 $ 5,376 $ 10,731 $ 10,751
Net income allocable to shareholders of common stock.. 60,763 48,204 109,482 70,131
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$ 66,119 $ 53,580 $120,213 $ 80,882
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding......... 127,986 127,632 128,284 127,407
Net effect of dilutive stock options and restricted stock
units - based on treasury stock method using
average market price................................... 632 916 611 968
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Diluted weighted average common shares outstanding....... 128,618 128,548 128,895 128,375
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Basic earnings per common and common equivalent share (a)... $ 0.47 $ 0.38 $ 0.85 $ 0.55
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Diluted earnings per common and common equivalent share (a). $ 0.47 $ 0.37 $ 0.85 $ 0.55
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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 six months ended
June 30, 2005 and 2004.
Exhibit 11