PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the Three Months Ended
March 31,
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EARNINGS PER SHARE: 1999 1998
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Net income...................................................... $ 61,842,000 $ 48,364,000
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) (506,000)
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) (3,000,000)
8.25% Cumulative Preferred Stock, Series K................... (1,924,000) -
8.25% Cumulative Preferred Stock, Series L................... (553,000) -
8.25% Convertible Preferred Stock............................ - (1,087,000)
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Net income allocable to common shareholders..................... $ 40,312,000 $ 28,224,000
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding........... 118,624,000 109,466,000
Net effect of dilutive stock options - based on treasury
stock method using average market price.................... 390,000 570,000
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Diluted weighted average common shares outstanding......... 119,014,000 110,036,000
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Basic earnings per common share................................. $0.34 $0.26
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Diluted earnings per common share............................... $0.34 $0.26
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Exhibit 11
For the Three Months Ended
March 31,
---------------------------------
EARNINGS PER SHARE: 1999 1998
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Net income allocable to common shareholders...................................... $ 40,312,000 $ 28,224,000
Add dividends paid to holders of Convertible Preferred Stocks:
*8.25% Convertible Preferred Stock....................................... - 1,087,000
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Net income allocable to common shareholders for purposes of determining Diluted
Earnings per Share, assuming conversion of anti-dilutive securities........... $ 40,312,000 $ 29,311,000
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Diluted weighted average common shares outstanding............................... 119,014,000 110,036,000
Pro forma weighted average common shares assuming conversion of Convertible
Preferred Stock:
*8.25% Convertible Preferred Stock....................................... - 3,562,000
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Weighted average common shares for purposes of computation of Diluted Earnings per
Share, assuming conversion of anti-dilutive securities........................ 119,014,000 113,598,000
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Diluted Earnings per Common Share, assuming conversion of anti-dilutive securities
(1)........................................................................... $ 0.34 $ 0.26
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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