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 Nine Months Ended
September 30, September 30,
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2006 2005 2006 2005
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(Amounts in thousands, except per share data)
Net income.................................................. $81,181 $128,344 $ 324,259 $ 333,021
Less: Cumulative Preferred Stock Dividends:
10.00% Cumulative Preferred Stock, Series E.............. - - - (457)
9.75% Cumulative Preferred Stock, Series F............... - - - (1,884)
8.60% Cumulative Preferred Stock, Series Q............... - (3,708) (742) (11,126)
8.00% Cumulative Preferred Stock, Series R............... (9,855) (10,200) (30,255) (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) (2,055)
6.25% Cumulative Preferred Stock, Series Z............... (1,758) (1,758) (5,274) (5,274)
6.125% Cumulative Preferred Stock, Series A.............. (1,761) (1,761) (5,283) (5,283)
7.125% Cumulative Preferred Stock, Series B.............. (1,937) (1,937) (5,811) (5,811)
6.60% Cumulative Preferred Stock, Series C............... (1,898) (1,898) (5,694) (5,694)
6.18% Cumulative Preferred Stock, Series D............... (2,086) (2,086) (6,258) (4,867)
6.75% Cumulative Preferred Stock, Series E............... (2,384) (2,384) (7,152) (4,102)
6.45% Cumulative Preferred Stock, Series F............... (4,031) (1,396) (12,093) (1,396)
7.00% Cumulative Preferred Stock, Series G............... (1,750) - (5,250) -
6.95% Cumulative Preferred Stock, Series H............... (1,825) - (5,121) -
7.25% Cumulative Preferred Stock, Series I............... (9,380) - (15,529) -
7.25% Cumulative Preferred Stock, Series K............... (5,002) - (5,002) -
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Total preferred dividends................................... (60,265) (43,726) (159,256) (126,286)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (a)....................... (21,643) - (21,643) (1,904)
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Total net income allocated to preferred shareholders........ $(81,908) $(43,726) $(180,899) $(128,190)
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Total net income (loss) allocable to common shareholders.... $ (727) $84,618 $ 143,360 $ 204,831
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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 $ 16,068 $ 16,087
Net income (loss) allocable to shareholders of common
stock................................................. (6,083) 79,262 127,292 188,744
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$ (727) $84,618 $ 143,360 $ 204,831
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 145,387 128,006 133,897 128,191
Net effect of dilutive stock options and restricted
stock units - based on treasury stock method using
average market price................................... - 736 954 653
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Diluted weighted average common shares outstanding....... 145,387 128,742 134,851 128,844
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Basic earnings per common share (a)......................... $ (0.04) $ 0.62 $ 0.95 $ 1.47
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Diluted earnings per common share (a)....................... $ (0.04) $ 0.62 $ 0.94 $ 1.46
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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.
Exhibit 11