PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended
Earnings Per Share: March 31,
- ------------------- ---------------------------------
2006 2005
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(amounts in thousands, except
per share data)
Net income.................................................. $ 114,216 $ 96,411
Less: Cumulative Preferred Stock Dividends:
10.00% Cumulative Preferred Stock, Series E.............. - (457)
9.75% Cumulative Preferred Stock, Series F............... - (1,401)
8.60% Cumulative Preferred Stock, Series Q............... (742) (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) (685)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (1,758)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) (1,761)
7.125% Cumulative Preferred Stock, Series B.............. (1,937) (1,937)
6.60% Cumulative Preferred Stock, Series C............... (1,898) (1,898)
6.18% Cumulative Preferred Stock, Series D............... (2,086) (695)
6.75% Cumulative Preferred Stock, Series E............... (2,384) -
6.45% Cumulative Preferred Stock, Series F............... (4,031) -
7.00% Cumulative Preferred Stock, Series G............... (1,750) -
6.95% Cumulative Preferred Stock, Series H............... (1,471) -
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Total preferred dividends................................... (46,615) (40,413)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... - (1,904)
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Total net income allocated to preferred shareholders........ $ (46,615) $ (42,317)
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Total net income allocable to common shareholders........... $ 67,601 $ 54,094
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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
Net income allocable to shareholders of common stock.. 62,245 48,719
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$ 67,601 $ 54,094
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 128,122 128,586
Net effect of dilutive stock options and restricted
stock units - based on treasury stock method using
average market price................................... 887 589
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Diluted weighted average common shares outstanding....... 129,009 129,175
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Basic earnings per common share (a)......................... $ 0.49 $ 0.38
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Diluted earnings per common share (a)....................... $ 0.48 $ 0.38
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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 months ended March
31, 2006 and 2005.
Exhibit 11