PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings Per Share: For the Three Months Ended For the Nine Months Ended
- ------------------- September 30, September 30,
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2005 2004 2005 2004
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(amounts in thousands, except per share data)
Net income.................................................. $ 128,344 $ 97,515 $ 333,021 $ 258,942
Less: Cumulative Preferred Stock Dividends:
9.50% Cumulative Preferred Stock, Series D............... - (705) - (2,131)
10.00% Cumulative Preferred Stock, Series E.............. - (1,372) (457) (4,116)
9.75% Cumulative Preferred Stock, Series F............... - (1,403) (1,884) (4,205)
8.25% Cumulative Preferred Stock, Series K............... - - - (501)
8.25% Cumulative Preferred Stock, Series L............... - - - (1,818)
8.75% Cumulative Preferred Stock, Series M............... - (629) - (3,089)
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.............. (2,860) (2,860) (8,580) (8,580)
7.50% Cumulative Preferred Stock, Series V............... (3,235) (3,235) (9,703) (9,703)
6.50% Cumulative Preferred Stock, Series W............... (2,153) (2,153) (6,459) (6,459)
6.45% Cumulative Preferred Stock, Series X............... (1,935) (1,935) (5,805) (5,805)
6.85% Cumulative Preferred Stock, Series Y............... (685) (685) (2,055) (2,048)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (1,758) (5,274) (4,043)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) (1,761) (5,283) (3,542)
7.125% Cumulative Preferred Stock, Series B.............. (1,937) (1,959) (5,811) (1,959)
6.60% Cumulative Preferred Stock, Series C............... (1,898) (378) (5,694) (378)
6.18% Cumulative Preferred Stock, Series D............... (2,086) - (4,867) -
6.75% Cumulative Preferred Stock, Series E............... (2,384) - (4,102) -
6.45% Cumulative Preferred Stock, Series F............... (1,396) - (1,396) -
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Total preferred dividends................................... (43,726) (40,471) (126,286) (117,293)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... - (3,072) (1,904) (6,795)
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Total net income allocated to preferred shareholders........ $ (43,726) $ (43,543) $(128,190) $ (124,088)
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Total net income allocable to common shareholders........... $ 84,618 $ 53,972 $204,831 $ 134,854
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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 $ 5,375 $ 16,087 $ 16,126
Net income allocable to shareholders of common stock.. 79,262 48,597 188,744 118,728
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$ 84,618 $ 53,972 $204,831 $ 134,854
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding......... 128,006 128,085 128,191 127,635
Net effect of dilutive stock options and restricted stock
units - based on treasury stock method using average
market price.............................................. 736 741 653 910
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Diluted weighted average common shares outstanding....... 128,742 128,826 128,844 128,545
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Basic earnings per common and common equivalent share (a)... $ 0.62 $ 0.38 $ 1.47 $ 0.93
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Diluted earnings per common and common equivalent share (a). $ 0.62 $ 0.38 $ 1.46 $ 0.92
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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, 2005 and 2004.
Exhibit 11