PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
EARNINGS PER SHARE:
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For the Three Months Ended For the Six Months Ended
June 30, June 30,
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2006 2005 2006 2005
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(Amounts in thousands, except per share data)
Net income.................................................. $ 128,862 $108,266 $ 243,078 $ 204,677
Less: Cumulative Preferred Stock Dividends:
10.00% Cumulative Preferred Stock, Series E.............. - - - (457)
9.75% Cumulative Preferred Stock, Series F............... - (483) - (1,884)
8.60% Cumulative Preferred Stock, Series Q............... - (3,709) (742) (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) (1,370)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (1,758) (3,516) (3,516)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) (1,761) (3,522) (3,522)
7.125% Cumulative Preferred Stock, Series B.............. (1,937) (1,937) (3,874) (3,874)
6.60% Cumulative Preferred Stock, Series C............... (1,898) (1,898) (3,796) (3,796)
6.18% Cumulative Preferred Stock, Series D............... (2,086) (2,086) (4,172) (2,781)
6.75% Cumulative Preferred Stock, Series E............... (2,384) (1,718) (4,768) (1,718)
6.45% Cumulative Preferred Stock, Series F............... (4,031) - (8,062) -
7.00% Cumulative Preferred Stock, Series G............... (1,750) - (3,500) -
6.95% Cumulative Preferred Stock, Series H............... (1,825) - (3,296) -
7.25% Cumulative Preferred Stock, Series I............... (6,149) - (6,149) -
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Total preferred dividends................................... (52,376) (42,147) (98,991) (82,560)
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........ $(52,376) $(42,147) $ (98,991) $ (84,464)
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Total net income allocable to common shareholders........... $ 76,486 $ 66,119 $ 144,087 $ 120,213
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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 $ 5,356 $ 10,712 $ 10,731
Net income allocable to shareholders of common stock.. 71,130 60,763 133,375 109,482
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$ 76,486 $ 66,119 $ 144,087 $ 120,213
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 128,180 127,986 128,151 128,284
Net effect of dilutive stock options and restricted
stock units - based on treasury stock method using
average market price................................... 882 632 886 611
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Diluted weighted average common shares outstanding....... 129,062 128,618 129,037 128,895
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Basic earnings per common share (a)......................... $ 0.55 $ 0.47 $ 1.04 $ 0.85
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Diluted earnings per common share (a)....................... $ 0.55 $ 0.47 $ 1.03 $ 0.85
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(a) See Note 2 to the Company's condensed 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, 2006 and 2005.
Exhibit 11