EXHIBIT 11
Storage Equities, Inc.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Year Ended December 31,
1994 1993 1992
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PRIMARY EARNINGS PER SHARE:
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Net income $42,118,000 $28,035,900 $15,123,000
Less: Preferred Stock Dividends:
10% Cumulative Preferred Stock, Series A (4,562,500) (4,562,500) (812,100)
9.20% Cumulative Preferred Stock, Series B (5,339,500) (4,146,900) -
Adjustable Rate Preferred Stock, Series C (1,250,000) - -
9.25% Cumulative Preferred Stock, Series D (950,000) - -
8.25% Convertible Preferred Stock (4,743,700) (2,178,500) -
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Net income allocable to common shareholders $25,272,300 $17,148,000 $14,310,900
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Weighted Average common and common equivalent
shares outstanding:
Weighted average common shares outstanding 23,978,407 17,483,225 15,965,323
Net effect of dilutive stock options -
based on treasury stock method using
average market price 98,648 75,147 15,655
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Total 24,077,055 17,558,372 15,980,978
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Primary earnings per common and
common equivalent share $ 1.05 $ 0.98 $ 0.90
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Storage Equities, Inc.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the Year Ended December 31,
1994 1993 1992
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FULLY-DILUTED EARNINGS PER COMMON
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AND COMMON EQUIVALENT SHARE
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Net income allocable to common shareholders
per Primary calculation above $25,272,300 $17,148,000 $14,310,900
Add: Dividends to 8.25% Convertible
Preferred Stock 4,743,700 2,178,500 --
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Net income allocable to common shareholders
for purposes of determining Fully-diluted
Earnings per Common and Common Equivalent Share $30,016,000 $19,326,500 $14,310,900
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Weighed average common and common equivalent
shares outstanding 24,077,055 17,558,372 15,980,978
Pro forma weighted average common shares
assuming conversion of 8.25% Convertible
Preferred Stock at date of
issuance (July 15, 1994) 3,872,050 1,774,690 --
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Weighed average common and common equivalent
shares for purposes of computation of
Fully-diluted Earnings per Common and
Common Equivalent Shares 27,949,105 19,333,062 15,980,978
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Fully-diluted Earnings per Common and
Common Share /(1)/ $ 1.07 $ 1.00 $ 0.90
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/(1)/ Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements.
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