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,
--------------------------------- ------------------------------
Earnings Per Share: 1998 1997 1998 1997
- ------------------------------------------------ ---------------- --------------- --------------- -------------
(Amounts in thousands, except per share data)
Net income $ 62,286 $ 46,548 $ 167,849 $ 133,117
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,140) (1,141) (3,420) (3,422)
9.20% Cumulative Preferred Stock, Series B (1,372) (1,372) (4,116) (4,116)
Adjustable Rate Preferred Stock, Series C (506) (557) (1,518) (1,673)
9.50% Cumulative Preferred Stock, Series D (713) (712) (2,139) (2,138)
10.0% Cumulative Preferred Stock, Series E (1,372) (1,372) (4,116) (4,116)
9.75% Cumulative Preferred Stock, Series F (1,401) (1,402) (4,203) (4,205)
8.875% Cumulative Preferred Stock, Series G (3,828) (3,827) (11,484) (11,482)
8.45% Cumulative Preferred Stock, Series H (3,565) (3,564) (10,695) (10,694)
8.625% Cumulative Preferred Stock, Series I (2,156) (2,156) (6,468) (6,468)
8.00% Cumulative Preferred Stock, Series J (3,000) (1,085) (9,000) (1,085)
8.25% Convertible Preferred Stock - (1,128) (2,163) (3,407)
Convertible Preferred Stock, Series CC - - - (15,328)
---------------- --------------- --------------- -------------
Total preferred dividends (19,053) (18,316) (59,322) (68,134)
---------------- --------------- --------------- -------------
Net income allocable to common shareholders $ 43,233 $ 28,232 $ 108,527 $ 64,983
================ =============== =============== ==============
Weighted average common shares outstanding:
Basic - weighted average common shares outstanding 116,421 102,964 113,311 96,586
Net effect of dilutive stock options - based on
treasury stock method using average market price 305 572 451 568
---------------- --------------- --------------- -------------
Diluted weighted average common shares outstanding 116,726 103,536 113,762 97,154
================ =============== =============== ==============
Basic earnings per common share $0.37 $0.27 $0.96 $0.67
================ =============== =============== ==============
Diluted earnings per common share $0.37 $0.27 $0.95 $0.67
================ =============== =============== ==============
Exhibit 11
For the three months ended For the nine months ended
September 30, September 30,
--------------------------------- ------------------------------
Diluted Earnings per Share, assuming conversion of
anti-dilutive securities: 1998 1997 1998 1997
- ------------------------------------------------ ---------------- --------------- --------------- -------------
(Amounts in thousand, except per share data)
Net income allocable to common shareholders per
calculation above $ 43,233 $ 28,232 $ 108,527 $ 64,983
Add back applicable dividends paid to holders of
Convertible Preferred Stocks:
8.25% Convertible Preferred Stock - 1,128 2,163 3,407
Series CC Preferred Stock - - - 1,916
---------------- --------------- --------------- -------------
Net income allocable to common shareholders for
purposes of determining Diluted Earnings per Share,
assuming conversion of anti-dilutive securities $ 43,233 $ 29,360 $ 110,690 $ 70,306
================ =============== =============== ==============
Diluted weighted average common shares outstanding 116,726 103,536 113,762 97,154
Pro forma weighted average common shares assuming
conversion of Convertible Preferred Stock:
8.25% Convertible Preferred Stock - 3,689 2,357 3,717
Series CC Preferred Stock - - - 688
---------------- --------------- --------------- -------------
Weighted average common shares for purposes of
computation of Diluted Earnings per Share, assuming
conversion of anti-dilutive securities 116,726 107,225 116,119 101,559
================ =============== =============== ==============
Diluted Earnings per Common Share, assuming conversion
of anti-dilutive securities (1) $0.37 $0.27 $0.95 $0.69
================ =============== =============== ==============
(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