PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1998 1997 1996
------------- ------------- -------------
(amounts in thousands, except per share data)
EARNINGS PER SHARE:
- -------------------
Net income $ 227,019 $ 178,649 $ 153,549
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 (2,024) (2,213) (2,212)
9.50% Cumulative Preferred Stock, Series D (2,850) (2,850) (2,850)
10.00% Cumulative Preferred Stock, Series E (5,488) (5,488) (5,488)
9.75% Cumulative Preferred Stock, Series F (5,606) (5,606) (5,606)
8-7/8% Cumulative Preferred Stock, Series G (15,309) (15,309) (15,479)
8.45% Cumulative Preferred Stock, Series H (14,259) (14,259) (13,348)
8-5/8% Cumulative Preferred Stock, Series I (8,625) (8,625) (1,438)
8% Cumulative Preferred Stock, Series J (12,000) (4,133) -
8.25% Convertible Preferred Stock (2,163) (4,531) (4,679)
Convertible Preferred Stock, Series CC - (15,328) (5,748)
Mandatory Convertible Participating Preferred Stock - - (1,700)
------------- ------------- -------------
Net income allocable to common shareholders $ 148,644 $ 90,256 $ 84,950
============= ============= =============
Weighted average common and common equivalent shares outstanding:
Basic weighted average common shares outstanding 113,929 98,446 77,117
Net effect of dilutive stock options - based on treasury stock
method using average market price 428 515 241
------------- ------------- -------------
Diluted weighted average common shares outstanding 114,357 98,961 77,358
============= ============= =============
Basic earnings per common and common equivalent share $ 1.30 $ 0.92 $ 1.10
============= ============= =============
Diluted earnings per common and common equivalent share $ 1.30 $ 0.91 $ 1.10
============= ============= =============
Ehhibit - 11
PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
FOR THE YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1998 1997 1996
------------- ------------- -------------
(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 $ 148,644 $ 90,256 $ 84,950
Add: Dividends to 8.25% Convertible Preferred Stock 2,163 4,531 4,679
Add: Dividends to Mandatory Convertible Participating Preferred Stock - - 1,700
Add: Dividends to Mandatory Convertible Preferred Stock, Series CC - 1,916 5,748
------------- ------------- -------------
Netincome allocable to common shareholders for purposes of determining
Diluted Earnings Per Share, assuming conversion of anti-diluted
securities $ 150,807 $ 96,703 $ 97,077
============= ============= =============
Diluted weighed average common shares outstanding 114,357 98,961 77,358
Pro forma weighted average common shares assuming conversion
of 8.25% Convertible Preferred Stock at date of issuance
(July 15, 1994) until actual conversion date (July 1, 1998) 1,763 3,705 3,823
Pro forma weighted average common shares assuming conversion
of the Mandatory Convertible Participating Preferred Stock at date of
issuance (July 1, 1995) - - 715
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
------------- ------------- -------------
Weighed average common shares for purposes of computation of Diluted
Earnings Per Share, assuming conversion of anti-dilutive securities 116,120 103,145 83,444
============= ============= =============
Diluted Earnings Per Share, assuming conversion of anti-dilutive
securities (1) $ 1.30 $ 0.94 $ 1.16
============= ============= =============
(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