PUBLIC STORAGE, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months ended For the nine months ended
September 30, September 30,
Primary Earnings Per Share: 1996 1995 1996 1995
- --------------------------------------------- --------------- --------------- --------------- -------------
Net income $40,366 $19,470 $110,446 $49,221
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,141) (1,140) (3,423) (3,422)
9.20% Cumulative Preferred Stock, Series B (1,372) (1,372) (4,116) (4,116)
Variable Rate Preferred Stock, Series C (582) (544) (1,630) (1,824)
9.50% Cumulative Preferred Stock, Series D (712) (713) (2,138) (2,138)
10.0% Cumulative Preferred Stock, Series E (1,372) (1,372) (4,116) (3,658)
9.75% Cumulative Preferred Stock, Series F (1,402) (1,402) (4,205) (2,321)
8.875% Cumulative Preferred Stock, Series G (3,827) - (11,652) -
8.45% Cumulative Preferred Stock, Series H (3,564) - (9,783) -
8.25% Convertible Preferred Stock (1,168) (1,186) (3,523) (3,558)
Mandatory Convertible Participating Preferred Stock - (867) (1,700) (867)
Mandatory Convertible - Series CC (1,916) - (3,832) -
--------------- --------------- --------------- -------------
Total preferred dividends (17,056) (8,596) (50,118) (21,904)
--------------- --------------- --------------- -------------
Net income allocable to common shareholders $23,310 $10,874 $60,328 $27,317
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Weighted Average common and common equivalent shares
- ----------------------------------------------------
outstanding:
------------
Weighted average common shares outstanding 78,052 42,064 74,440 35,736
Net effect of dilutive stock options - based on
treasury stock method using average market price 286 153 250 111
--------------- --------------- --------------- -------------
Total 78,338 42,217 74,690 35,847
=============== =============== =============== =============
Primary earnings per common and common equivalent
share $0.30 $0.26 $0.81 $0.76
=============== =============== =============== =============
Exhibit 11
PUBLIC STORAGE, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months ended For the nine months ended
September 30, September 30,
---------------------------- -----------------------------
FULLY-DILUTED EARNINGS PER COMMON AND COMMON
EQUIVALENT SHARE: 1996 1995 1996 1995
- ------------------------------------------------ ------------ ------------ ------------ ------------
Net income allocable to common shareholders per
Primary calculation above $23,310 $10,874 $60,328 $27,317
Add dividends paid to holders of Convertible
Preferred Stocks:
* 8.25% Convertible Preferred Stock 1,168 1,186 3,523 3,558
* Mandatory Convertible Participating
Preferred Stock - 867 1,700 867
* Series CC Preferred Stock 1,916 - 3,832 -
------------ ------------ ------------ ------------
Net income allocable to common shareholders for
purposes of determining Fully-diluted Earnings
per Common and Common Equivalent Share $26,394 $12,927 $69,383 $31,742
============ ============ ============ ============
Weighted average common and common equivalent
shares outstanding 78,338 42,217 74,690 35,847
Proforma weighted average common shares
assuming conversion of Convertible
Preferred Stock:
* 8.25% Convertible Preferred Stock 3,814 3,872 3,837 3,872
* Mandatory Convertible Participating
Preferred Stock - 1,504 985 501
* Series CC Preferred Stock 2,064 - 1,376 -
------------ ------------ ------------ ------------
Weighted average common and common
equivalent shares for purposes of computation
of Fully-diluted Earnings per Common and Common
Equivalent Share 84,216 47,593 80,888 40,220
============ ============ ============ ============
Fully-diluted Earnings per Common
and Common Share (1) $0.31 $0.27 $0.86 $0.79
============ ============ ============ ============
(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