PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
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2005 2004 2003
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(amounts in thousands, except per share data)
Earnings Per Share:
Net income....................................................... $ 456,393 $ 366,213 $ 336,653
Less: Cumulative Preferred Stock Dividends:
9.20% Cumulative Preferred Stock, Series B.................... - - (1,322)
Adjustable Rate Preferred Stock, Series C..................... - - (1,013)
9.50% Cumulative Preferred Stock, Series D.................... - (2,131) (2,850)
10.00% Cumulative Preferred Stock, Series E................... (457) (5,488) (5,488)
9.75% Cumulative Preferred Stock, Series F.................... (1,884) (5,606) (5,606)
8.25% Cumulative Preferred Stock, Series K.................... - (501) (9,488)
8.25% Cumulative Preferred Stock, Series L.................... - (1,818) (9,488)
8.75% Cumulative Preferred Stock, Series M.................... - (3,089) (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) (11,601)
7.625% Cumulative Preferred Stock, Series U................... (11,438) (11,438) (11,438)
7.50% Cumulative Preferred Stock, Series V.................... (12,938) (12,938) (12,938)
6.50% Cumulative Preferred Stock, Series W.................... (8,612) (8,612) (2,057)
6.45% Cumulative Preferred Stock, Series X.................... (7,740) (7,740) (1,030)
6.850% Cumulative Preferred Stock, Series Y................... (2,740) (2,732) -
6.250% Cumulative Preferred Stock, Series Z................... (7,031) (5,801) -
6.125% Cumulative Preferred Stock, Series A................... (7,044) (5,302) -
7.125% Cumulative Preferred Stock, Series B................... (7,748) (3,896) -
6.600% Cumulative Preferred Stock, Series C................... (7,590) (2,277) -
6.180% Cumulative Preferred Stock, Series D................... (6,976) - -
6.750% Cumulative Preferred Stock, Series E................... (6,463) - -
6.450% Cumulative Preferred Stock, Series F................... (5,430) - -
7.000% Cumulative Preferred Stock, Series G................... (370) - -
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Total preferred dividends........................................ (173,017) (157,925) (146,196)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (application of EITF Topic D-42) (7,538) (8,724) (7,120)
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Total net income allocated to preferred shareholders............. $ (180,555) $ (166,649) $ (153,316)
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Total net income allocable to common shareholders................ $ 275,838 $ 199,564 $ 183,337
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Stock,
Series A.................................................. $ 21,443 $ 21,501 $ 21,501
Net income allocable to shareholders of common stock....... 254,395 178,063 161,836
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$ 275,838 $ 199,564 $ 183,337
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding.............. 128,159 127,836 125,181
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 660 845 1,336
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Diluted weighted average common shares outstanding............ 128,819 128,681 126,517
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Basic earnings per common and common equivalent share (a)........ $ 1.98 $ 1.39 $ 1.29
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Diluted earnings per common and common equivalent share (a)...... $ 1.97 $ 1.38 $ 1.28
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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 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, 2005.
Exhibit 11