PS BUSINESS PARKS, INC.
Exhibit 11: Statement re: Computation of Earnings per Share
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
----------------------------- -----------------------------
1999 1998 1999 1998
-------------- ------------- -------------- -------------
Basic and Diluted Earnings Per Share:
Net income allocable to common shareholders............. $ 9,383,000 $ 9,748,000 $ 28,218,000 $ 21,124,000
============== ============= ============== =============
Weighted average common shares outstanding:
Basic weighted average common shares outstanding..... 23,641,000 23,636,000 23,639,000 17,920,000
Net effect of dilutive stock options - based on
treasury stock method using average market price... 83,000 60,000 74,000 70,000
-------------- ------------- -------------- -------------
Diluted weighted average common shares outstanding... 23,724,000 23,696,000 23,713,000 17,990,000
============== ============= ============== =============
Basic earnings per common share......................... $ 0.40 $ 0.41 $ 1.19 $ 1.18
============== ============= ============== =============
Diluted earnings per common share....................... $ 0.40 $ 0.41 $ 1.19 $ 1.17
============== ============= ============== =============
Exhibit 11