PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings Per Share:
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For the Three Months Ended
March 31,
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2007 2006
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(Amounts in thousands, except per
share data)
Net income.......................................................... $ 59,778 $ 114,216
Less: Cumulative Preferred Stock Dividends:
8.60% Cumulative Preferred Stock, Series Q....................... - (742)
8.00% Cumulative Preferred Stock, Series R....................... - (10,200)
7.875% Cumulative Preferred Stock, Series S...................... - (2,830)
7.625% Cumulative Preferred Stock, Series T...................... (548) (2,900)
7.625% Cumulative Preferred Stock, Series U...................... (1,557) (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) (2,086)
6.75% Cumulative Preferred Stock, Series E....................... (2,384) (2,384)
6.45% Cumulative Preferred Stock, Series F....................... (4,031) (4,031)
7.00% Cumulative Preferred Stock, Series G....................... (1,750) (1,750)
6.95% Cumulative Preferred Stock, Series H....................... (1,824) (1,471)
7.25% Cumulative Preferred Stock, Series I....................... (9,380) -
7.25% Cumulative Preferred Stock, Series K....................... (8,337) -
6.75% Cumulative Preferred Stock, Series L....................... (3,881) -
6.625% Cumulative Preferred Stock, Series M...................... (7,637) -
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Total preferred dividends........................................... (58,776) (46,615)
Allocation of income to preferred shareholders based on redemptions
of preferred stock (a)............................................ - -
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Total net income allocated to preferred shareholders................ $ (58,776) $ (46,615)
Total net income allocable to common shareholders................... $ 1,002 $ 67,601
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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
Net (loss) income allocable to shareholders of common stock... (4,354) 62,245
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$ 1,002 $ 67,601
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding................. 169,229 128,122
Net effect of dilutive stock options and restricted stock units -
based on treasury stock method using average market price...... - 887
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Diluted weighted average common shares outstanding............... 169,229 129,009
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Basic earnings per common share (a)................................. $ (0.03) $ 0.49
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Diluted earnings per common share (a)............................... $ (0.03) $ 0.48
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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