PUBLIC STORAGE, INC.
For the Three Months Ended
March 31,
-------------------------------------
Earnings Per Share: 1998 1997
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Net income $ 48,364,000 $ 42,318,000
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 (506,000) (545,000)
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) (3,828,000)
8.45% Cumulative Preferred Stock, Series H (3,565,000) (3,565,000)
8.625% Cumulative Preferred Stock, Series I (2,156,000) (2,156,000)
8.00 Cumulative Preferred Stock, Series J (3,000,000) -
8.25% Convertible Preferred Stock (1,087,000) (1,142,000)
Mandatory Convertible Preferred Stock, Series CC - (1,916,000)
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Net income allocable to common shareholders $ 28,224,000 $ 23,168,000
Weighted average common shares outstanding:
Basic - weighted average common shares outstanding 109,466,000 89,086,000
Net effect of dilutive stock options - based on treasury stock method
using average market price 570,000 390,000
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Diluted weighted average common shares outstanding 110,036,000 89,476,000
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Basic earnings per common share $ 0.26 $ 0.26
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Diluted earnings per common share $ 0.26 $ 0.26
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Exhibit 11
For the Three Months Ended
March 31,
-------------------------------------
DILUTED EARNINGS PER SHARE, ASSUMING CONVERSION OF ANTI-DILUTIVE SECURITIES: 1998 1997
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Net income allocable to common shareholders per calculation above $ 28,224,000 $ 23,168,000
Add dividends paid to holders of Convertible Preferred Stocks:
8.25% Convertible Preferred Stock 1,087,000 1,142,000
Series CC Preferred Stock - 1,916,000
Net income allocable to common shareholders for purposes of determining Diluted
Earnings per Share, assuming conversion of anti-dilutive securities $ 29,311,000 $ 26,226,000
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Diluted weighted average common shares outstanding 110,036,000 89,476,000
Pro forma weighted average common shares assuming conversion of Convertible
Preferred Stock:
8.25% Convertible Preferred Stock 3,562,000 3,769,000
Series CC Preferred Stock - 2,064,000
Weighted average common shares for purposes of computation of Diluted Earnings per
Share, assuming conversion of anti-dilutive securities 113,598,000 95,309,000
=============== ================
Diluted Earnings per Common Share, assuming conversion of anti-dilutive securities
(1) $ 0.26 $ 0.28
=============== ================
(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