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: 1999 1998 1999 1998
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(Amounts in thousands, except per share data)
Net income .......................................... $ 73,651 $ 57,199 $ 135,493 $ 105,563
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A ......... (1,141) (1,140) (2,281) (2,280)
9.20% Cumulative Preferred Stock, Series B ....... (1,372) (1,372) (2,744) (2,744)
Adjustable Rate Preferred Stock, Series C ........ (506) (506) (1,012) (1,012)
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) (1,401) (2,802) (2,802)
8.875% Cumulative Preferred Stock, Series G ...... (3,828) (3,828) (7,656) (7,656)
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) (3,000) (6,000) (6,000)
8.25% Cumulative Preferred Stock, Series K ....... (2,372) - (4,296) -
8.25% Cumulative Preferred Stock, Series L ....... (2,398) - (2,951) -
8.25% Convertible Preferred Stock ................ - (1,076) - (2,163)
Convertible Preferred Stock, Series CC ........... - - - -
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Total preferred dividends .................... (23,824) (20,129) (45,354) (40,269)
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Net income allocable to common shareholders ......... $ 49,827 $ 37,070 $ 90,139 $ 65,294
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding
128,904 113,970 123,793 111,731
Net effect of dilutive stock options - based on
treasury stock method using average market price 346 460 340 515
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Diluted weighted average common shares outstanding
129,250 114,430 124,133 112,246
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Basic earnings per common share ..................... $ 0.39 $ 0.33 $ 0.73 $ 0.58
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Diluted earnings per common share ................... $ 0.39 $ 0.32 $ 0.73 $ 0.58
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Exhibit 11
For the three months ended For the six months ended
June 30, June 30,
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DILUTED EARNINGS PER SHARE, ASSUMING CONVERSION OF
ANTI-DILUTIVE SECURITIES: 1999 1998 1999 1998
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(Amounts in thousand, except per share data)
Net income allocable to common shareholders per
calculation above .............................................. $ 49,827 $ 37,070 $ 90,139 $ 65,294
Add back applicable dividends paid to holders
of Convertible Preferred Stocks:
* 8.25% Convertible Preferred Stock ............................ - 1,076 - 2,163
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Net income allocable to common shareholders for purposes
of determining Diluted Earnings per Share, assuming
conversion of anti-dilutive securities ......................... $ 49,827 $ 38,146 $ 90,139 $ 67,457
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Diluted weighted average common shares outstanding ................ 129,250 114,430 124,133 112,246
Pro forma weighted average common shares assuming
conversion of Convertible Preferred Stock:
* 8.25% Convertible Preferred Stock ............................ - 3,530 - 3,555
----------- ----------- ----------- -----------
Weighted average common shares for purposes of
computation of Diluted Earnings per Share, assuming
conversion of anti-dilutive securities ......................... 129,250 117,960 124,133 115,801
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Diluted Earnings per Common Share, assuming conversion
of anti-dilutive securities (1) ................................ $ 0.39 $ 0.32 $ 0.73 $ 0.58
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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