PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
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2006 2005 2004
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(Amounts in thousands, except per share data)
Earnings Per Share:
Net income....................................................... $ 314,026 $ 456,393 $ 366,213
Less: Cumulative Preferred Stock Dividends:
9.50% Cumulative Preferred Stock, Series D.................... - - (2,131)
10.00% Cumulative Preferred Stock, Series E................... - (457) (5,488)
9.75% Cumulative Preferred Stock, Series F.................... - (1,884) (5,606)
8.25% Cumulative Preferred Stock, Series K.................... - - (501)
8.25% Cumulative Preferred Stock, Series L.................... - - (1,818)
8.75% Cumulative Preferred Stock, Series M.................... - - (3,089)
8.60% Cumulative Preferred Stock, Series Q.................... (742) (14,835) (14,835)
8.00% Cumulative Preferred Stock, Series R.................... (30,255) (40,800) (40,800)
7.875% Cumulative Preferred Stock, Series S................... (9,437) (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) (8,612)
6.45% Cumulative Preferred Stock, Series X.................... (7,740) (7,740) (7,740)
6.850% Cumulative Preferred Stock, Series Y................... (2,740) (2,740) (2,732)
6.250% Cumulative Preferred Stock, Series Z................... (7,031) (7,031) (5,801)
6.125% Cumulative Preferred Stock, Series A................... (7,044) (7,044) (5,302)
7.125% Cumulative Preferred Stock, Series B................... (7,748) (7,748) (3,896)
6.600% Cumulative Preferred Stock, Series C................... (7,590) (7,590) (2,277)
6.180% Cumulative Preferred Stock, Series D................... (8,344) (6,976) -
6.750% Cumulative Preferred Stock, Series E................... (9,536) (6,463) -
6.450% Cumulative Preferred Stock, Series F................... (16,124) (5,430) -
7.000% Cumulative Preferred Stock, Series G................... (7,000) (370) -
6.950% Cumulative Preferred Stock, Series H................... (6,945) - -
7.250% Cumulative Preferred Stock, Series I................... (24,908) - -
7.250% Cumulative Preferred Stock, Series K................... (13,340) - -
6.750% Cumulative Preferred Stock, Series L................... (3,105) - -
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Total preferred dividends........................................ (214,218) (173,017) (157,925)
Allocation of income to preferred shareholders based on
redemptions of preferred stock (application of EITF Topic D-42) (31,493) (7,538) (8,724)
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Total net income allocated to preferred shareholders............. $ (245,711) $ (180,555) $ (166,649)
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Total net income allocable to common shareholders................ $ 68,315 $ 275,838 $ 199,564
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Stock,
Series A.................................................. $ 21,424 $ 21,443 $ 21,501
Net income allocable to shareholders of common stock....... 46,891 254,395 178,063
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$ 68,315 $ 275,838 $ 199,564
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding.............. 142,760 128,159 127,836
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 955 660 845
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Diluted weighted average common shares outstanding............ 143,715 128,819 128,681
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Basic earnings per common and common equivalent share (a)........ $ 0.33 $ 1.98 $ 1.39
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Diluted earnings per common and common equivalent share (a)...... $ 0.33 $ 1.97 $ 1.38
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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 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, 2006.
Exhibit 11