Public Storage, Inc.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
FOR THE YEAR ENDED DECEMBER 31,
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1997 1996 1995
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(amounts in thousands, except per share data)
EARNINGS PER SHARE:
Net income $178,649 $153,549 $70,386
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) (5,488) (5,488)
Adjustable Rate Preferred Stock, Series C (2,213) (2,212) (2,364)
9.50% Cumulative Preferred Stock, Series D (2,850) (2,850) (2,850)
10.00% Cumulative Preferred Stock, Series E (5,488) (5,488) (5,030)
9.75% Cumulative Preferred Stock, Series F (5,606) (5,606) (3,721)
8-7/8% Cumulative Preferred Stock, Series G (15,309) (15,479) (638)
8.45% Cumulative Preferred Stock, Series H (14,259) (13,348) -
8-5/8% Cumulative Preferred Stock, Series I (8,625) (1,438) -
8% Cumulative Preferred Stock, Series J (4,133) - -
8.25% Convertible Preferred Stock (4,531) (4,679) (4,744)
Convertible Preferred Stock, Series CC (15,328) (5,748) -
Mandatory Convertible Participating Preferred Stock - (1,700) (1,726)
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Net income allocable to common shareholders $ 90,256 $ 84,950 $ 39,262
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Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding 98,446 77,117 41,039
Net effect of dilutive stock options - based on treasury
stock method using average market price 515 241 132
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Diluted weighted average common shares outstanding 98,961 77,358 41,171
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Basic earnings per common and common equivalent share $ 0.92 $ 1.10 $ 0.96
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Diluted earnings per common and common equivalent share $ 0.91 $ 1.10 $ 0.95
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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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1997 1996 1995
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(amounts in thousands, except per share data)
Diluted Earnings Per Share, assuming conversion of anti-dilutive securities
Net income allocable to common shareholders per calculation above $90,256 $84,950 $39,262
Add: Dividends to 8.25% Convertible Preferred Stock 4,531 4,679 4,744
Add: Dividends to Mandatory Convertible Participating Preferred Stock - 1,700 1,726
Add: Dividends to Mandatory Convertible Preferred Stock, Series CC 1,916 5,748 -
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Net income allocable to common shareholders for purposes of determining Diluted
Earnings Per Share, assuming conversion of anti-diluted securities $96,703 $97,077 $45,732
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Diluted weighed average common shares outstanding 98,961 77,358 41,171
Pro forma weighted average common shares assuming conversion of 8.25%
Convertible Preferred Stock at date of issuance (July 15, 1994) 3,705 3,823 3,872
Pro forma weighted average common shares assuming conversion of the
Mandatory Convertible Participating Preferred Stock at date of issuance
(July 1, 1995) - 715 785
Pro forma weighted average common shares assuming conversion of the
Mandatory Convertible Preferred Stock, Series CC from date of issuance
(April 1, 1996)until date of conversion (April 1, 1997) 479 1,548 -
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Weighed average common shares for purposes of computation of Diluted Earnings
Per Share, assuming conversion of anti-diluted securities 103,145 83,444 45,828
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Diluted Earnings Per Share, assuming conversion of anti-dilutive securities (1) $ 0.94 $ 1.16 $ 1.00
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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 the
attainment of certain earnings milestone by the Company. As these earnings
milestones have not been met, the conversion has not been assumed.
Exhibit-11