PUBLIC STORAGE, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Three Months Ended
March 31,
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Primary Earnings Per Share: 1997 1996
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Net income $ 42,318,000 $ 32,341,000
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,140,000) (1,140,000)
9.20% Cumulative Preferred Stock, Series B (1,372,000) (1,372,000)
Adjustable Rate Preferred Stock, Series C (545,000) (505,000)
9.50% Cumulative Preferred Stock, Series D (713,000) (713,000)
10.0% Cumulative Preferred Stock, Series E (1,372,000) (1,372,000)
9.75% Cumulative Preferred Stock, Series F (1,401,000) (1,401,000)
8.875% Cumulative Preferred Stock, Series G (3,828,000) (3,997,000)
8.45% Cumulative Preferred Stock, Series H (3,565,000) (2,654,000)
8.625% Cumulative Preferred Stock, Series I (2,156,000) -
8.25% Convertible Preferred Stock (1,142,000) (1,186,000)
Mandatory Convertible Participating Preferred Stock - (826,000)
Mandatory Convertible Preferred Stock, Series CC (1,916,000) -
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Net income allocable to common shareholders $ 23,168,000 $ 17,175,000
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Weighted Average common and common equivalent shares outstanding:
Weighted average common shares outstanding 89,086,000 71,574,000
Net effect of dilutive stock options - based on treasury stock method using
average market price 390,000 92,000
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Total 89,476,000 71,666,000
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Primary earnings per common and common equivalent share $ 0.26 $ 0.24
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Exhibit 11
PUBLIC STORAGE, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Three Months Ended
March 31,
-----------------------------------------
Fully-diluted Earnings per Common and Common Equivalent Share: 1997 1996
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Net income allocable to common shareholders per Primary calculation above $ 23,168,000 $ 17,175,000
Add dividends paid to holders of Convertible Preferred Stocks:
8.25% Convertible Preferred Stock 1,143,000 1,186,000
Mandatory Convertible Participating Preferred Stock - 826,000
Series CC Preferred Stock 1,916,000 -
-------------------- -----------------
Net income allocable to common shareholders for purposes of determining
Fully-diluted Earnings per Common and Common Equivalent Share $ 26,227,000 $ 19,187,000
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Weighted average common and common equivalent shares outstanding 89,476,000 71,666,000
Pro forma weighted average common shares assuming conversion of
Convertible Preferred Stock:
8.25% Convertible Preferred Stock 3,769,000 3,872,000
Mandatory Convertible Participating Preferred Stock - 1,524,000
Series CC Preferred Stock 2,064,000 -
-------------------- -----------------
Weighted average common and common equivalent shares for purposes of computation
of Fully-diluted Earnings per Common and Common Equivalent
Share 95,309,000 77,062,000
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Fully-diluted Earnings per Common and Common Share (1) $ 0.28 $ 0.25
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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