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,
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Earnings Per Share: 1998 1997 1998 1997
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(Amounts in thousand, except per share data)
Net income $57,199 $44,251 $ 105,563 $86,569
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,140) (1,141) (2,280) (2,282)
9.20% Cumulative Preferred Stock, Series B (1,372) (1,372) (2,744) (2,744)
Adjustable Rate Preferred Stock, Series C (506) (572) (1,012) (1,116)
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) (2,744)
9.75% Cumulative Preferred Stock, Series F (1,401) (1,402) (2,802) (2,803)
8.875% Cumulative Preferred Stock, Series G (3,828) (3,827) (7,656) (7,655)
8.45% Cumulative Preferred Stock, Series H (3,565) (3,565) (7,130) (7,130)
8.625% Cumulative Preferred Stock, Series I (2,156) (2,156) (4,312) (4,312)
8.00% Cumulative Preferred Stock, Series J (3,000) - (6,000) -
8.25% Convertible Preferred Stock (1,076) (1,136) (2,163) (2,278)
Convertible Preferred Stock, Series CC - (13,412) - (15,328)
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Total preferred dividends (20,129) (30,668) (40,269) (49,818)
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Net income allocable to common shareholders $37,070 $13,583 $65,294 $36,751
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding
113,970 97,524 111,731 93,326
Net effect of dilutive stock options - based on
treasury stock method using average market price 460 522 515 557
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Diluted weighted average common shares outstanding
114,430 98,046 112,246 93,883
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Basic earnings per common share $0.33 $0.14 $0.58 $0.39
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Diluted earnings per common share $0.32 $0.14 $0.58 $0.39
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Exhibit 11
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,
-------------------------------- --------------------------------
Diluted Earnings per Share, assuming conversion of
anti-dilutive securities: 1998 1997 1998 1997
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(Amounts in thousand, except per share data)
Net income allocable to common shareholders per
calculation above $37,070 $13,583 $65,294 $36,751
Add back applicable dividends paid to
holders of Convertible Preferred Stocks:
* 8.25% Convertible Preferred Stock 1,076 1,136 2,163 2,278
* Series CC Preferred Stock - - - 1,916
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Netincome allocable to common shareholders
for purposes of determining Diluted
Earnings per Share, assuming conversion
of anti-dilutive securities $38,146 $14,719 $67,457 $40,945
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Diluted weighted average common shares outstanding 114,430 98,046 112,246 93,883
Pro forma weighted average common shares
assuming conversion of Convertible
Preferred Stock:
* 8.25% Convertible Preferred Stock 3,530 3,718 3,555 3,721
* Series CC Preferred Stock - - - 1,092
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Weighted average common shares for purposes of
computation of Diluted Earnings per Share, assuming
conversion of anti-dilutive securities 117,960 101,764 115,801 98,696
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Diluted Earnings per Common Share, assuming conversion
of anti-dilutive securities (1) $0.32 $0.14 $0.58 $0.41
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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