PUBLIC STORAGE, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months ended For the six months ended
June 30, June 30,
Primary Earnings Per Share: 1996 1995 1996 1995
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Net income $37,739 $16,551 $70,080 $29,751
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,141) (1,141) (2,282) (2,282)
9.20% Cumulative Preferred Stock, Series B (1,372) (1,372) (2,744) (2,744)
Variable Rate Preferred Stock, Series C (542) (629) (1,048) (1,279)
9.50% Cumulative Preferred Stock, Series D (713) (713) (1,426) (1,426)
10.0% Cumulative Preferred Stock, Series E (1,372) (1,372) (2,744) (2,286)
9.75% Cumulative Preferred Stock, Series F (1,402) (919) (2,803) (919)
8.875% Cumulative Preferred Stock, Series G (3,827) - (7,825) -
8.45% Cumulative Preferred Stock, Series H (3,565) - (6,219) -
8.25% Convertible Preferred Stock (1,171) (1,186) (2,355) (2,372)
Mandatory Convertible Participating Preferred Stock (875) - (1,700) -
Series CC (1,916) - (1,916) -
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Total preferred dividends (17,896) (7,332) (33,062) (13,308)
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Net income allocable to common shareholders $19,843 $9,219 $37,018 $16,443
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Weighted Average common and common equivalent shares
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outstanding:
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Weighted average common shares outstanding 73,306 34,666 72,518 32,616
Net effect of dilutive stock options - based on
treasury stock method using average market price 231 126 231 92
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Total 73,537 34,792 72,749 32,708
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Primary earnings per common and common equivalent share $0.27 $0.26 $0.51 $0.50
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Exhibit 11
For the three months ended For the six months ended
June 30, June 30,
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Fully-diluted Earnings per Common and
Common Equivalent Share: 1996 1995 1996 1995
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Net income allocable to common shareholders per
Primary calculation above $19,843 $9,219 $37,018 $16,443
Add dividends paid to holders of Convertible
Preferred Stocks:
* 8.25% Convertible Preferred Stock 1,171 1,186 2,355 2,372
* Mandatory Convertible Participating
Preferred Stock 875 - 1,700 -
* Series CC Preferred Stock 1,916 - 1,916 -
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Net income allocable to common shareholders for
purposes of determining Fully-diluted Earnings
per Common and Common Equivalent Share $23,805 $10,405 $42,989 $18,815
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Weighted average common and common
equivalent shares outstanding 73,537 34,792 72,749 32,708
Proforma weighted average common shares
assuming conversion of Convertible Preferred
Stock:
* 8.25% Convertible Preferred Stock 3,847 3,872 3,860 3,872
* Mandatory Convertible Participating
Preferred Stock 1,346 - 1,477 -
* Series CC Preferred Stock 2,064 - 1,032 -
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Weighted average common and common
equivalent shares for purposes of computation
of Fully-diluted Earnings per Common
and Common Equivalent Share 80,794 38,664 79,118 36,580
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Fully-diluted Earnings per Common and
Common Share(1) $0.29 $0.26 $0.54 $0.50
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(1) Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements.
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 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