Public Storage, Inc.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Year Ended December 31,
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1995 1994 1993
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(amounts in thousands, except per share data)
PRIMARY EARNINGS PER SHARE:
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Net income $70,386 $42,118 $28,036
Less: Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A (4,563) (4,563) (4,563)
9.20% Cumulative Preferred Stock, Series B (5,488) (5,339) (4,147)
Adjustable Rate Preferred Stock, Series C (2,364) (1,250) -
9.25% Cumulative Preferred Stock, Series D (2,850) (950) -
10.00% Cumulative Preferred Stock, Series E (5,030) - -
9.50% Cumulative Preferred Stock, Series F (3,721) - -
8-7/8% Cumulative Preferred Stock, Series G (638) - -
8.25% Convertible Preferred Stock (4,744) (4,744) (2,178)
Mandatory Convertible Participating Preferred Stock (1,726) - -
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Net income allocable to common shareholders $39,262 $25,272 $17,148
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Weighted Average common and common equivalent shares
outstanding:
Weighted average common shares outstanding 41,039 23,978 17,483
Net effect of dilutive stock options - based on treasury
stock method using average market price 132 98 75
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Total 41,171 24,077 17,558
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Primary earnings per common and common equivalent share
$ 0.95 $ 1.05 $ 0.98
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Exhibit 11
Public Storage, Inc.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Year Ended December 31,
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1995 1994 1993
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(amounts in thousands, except per share data)
FULLY-DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
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Net income allocable to common shareholders per Primary
calculation above $39,262 $25,272 $17,148
Add: Dividends to 8.25% Convertible Preferred Stock 4,744 4,744 2,179
Add: Dividends to Mandatory Convertible Participating
Preferred Stock 1,726 - -
Net income allocable to common shareholders for purposes of
determining Fully-diluted Earnings per Common and Common
Equivalent Share $45,732 $30,016 $19,327
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Weighed average common and common equivalent shares outstanding
41,171 24,077 17,558
Pro forma weighted average common shares assuming
conversion of 8.25% Convertible Preferred Stock at date
of issuance (July 15, 1994) 3,872 3,872 1,775
Pro forma weighted average common shares assuming
conversion of the Mandatory Convertible Participating
Preferred Stock at date of issuance (July 1, 1995) 785 - -
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Weighed average common and common equivalent shares for
purposes of computation of Fully-diluted Earnings per
Common and Common Equivalent Share 45,828 27,949 19,333
Fully-diluted Earnings per Common and Common
Share (1) $ 1.00 $ 1.07 $ 1.00
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(1) Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements. The 8.25% Convertible Preferred Stock
and the Mandatory Convertible Participating Preferred Stock are individual
anti-dilutive with an incremental earnings per common share of $1.65 and
$2.20, respectively, for 1995.
In addition, the Company has 7,000,000 shares of Class B Common Stock which
are convertible into shares of the Company's Common Stock subject to
certain contingencies such as the passage of time and the attainment of
certain earnings milestone by the Company. The estimated additional pro
forma earnings which the Company would have had to generate during 1995 to
meet the earnings milestone in order for the Class B Common Stock to
convert into Common Stock was approximately $59.7 million. The assumption
of such earnings and the pro forma conversion of the Class B Common Stock
into Common Stock in the above computations would have resulted in an
increase in the fully-diluted earnings per common share, and accordingly,
is anti-dilutive.
Exhibit 11