STORAGE EQUITIES, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
FOR THE THREE MONTHS
ENDED MARCH 31,
-----------------------
1995 1994
---- ----
PRIMARY EARNINGS PER SHARE:
- ---------------------------
Net income $13,200,000 $ 8,746,000
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,141,000) (1,141,000)
9.20% Cumulative Preferred Stock, Series B (1,372,000) (1,322,000)
Variable Rate Preferred Stock, Series C (650,000) -
9.50% Cumulative Preferred Stock, Series D (713,000) -
10.0% Cumulative Preferred Stock, Series E (914,000) -
8.25% Convertible Preferred Stock (1,186,000) (1,186,000)
----------- -----------
Net income allocable to common shareholders $ 7,224,000 $ 5,097,000
=========== ===========
Weighted Average common and common equivalent
shares outstanding:
Weighted average common shares outstanding 30,474,973 20,969,125
Net effect of dilutive stock options - based on
treasury stock method using average market price 91,866 197,353
----------- -----------
Total 30,566,839 21,166,478
=========== ===========
Primary earnings per common and common equivalent share $ 0.24 $ 0.24
=========== ===========
60
STORAGE EQUITIES, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months
ended March 31,
----------------------
1995 1994
---- ----
FULLY-DILUTED EARNINGS PER
- --------------------------
COMMON AND COMMON
-----------------
EQUIVALENT SHARE
-----------------
Net income allocable to common shareholders per $ 7,224,000 $ 5,097,000
Primary calculation above
Add: dividends to 8.25% Convertible Preferred Stock 1,186,000 1,186,000
----------- -----------
Net income allocable to common shareholders for
purposes of determining Fully-diluted Earnings
per Common and Common Equivalent Share $ 8,410,000 $ 6,283,000
=========== ===========
Weighed average common and common equivalent
shares outstanding 30,566,839 21,166,478
Pro forma weighted average common shares
assuming conversion of 8.25% Convertible
Preferred Stock 3,872,054 3,872,054
----------- -----------
Weighed average common and common equivalent
shares for purposes of computation of
Fully-diluted Earnings per Common and Common
Equivalent Share 34,438,893 25,038,532
=========== ===========
Fully-diluted Earnings per Common and Common
Share (1) $ 0.24 $ 0.25
=========== ===========
(1) Such amounts are anti-dilutive and are not presented in the Company's
consolidated financial statements
61