STORAGE EQUITIES, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months ended For the six months ended
June 30, June 30,
1995 1994 1995 1994
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PRIMARY EARNINGS PER SHARE:
Net income $16,551,000 $10,194,000 $29,751,000 $18,940,000
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,141,000) (1,141,000) (2,282,000) (2,282,000)
9.20% Cumulative Preferred Stock, Series B (1,372,000) (1,322,000) (2,744,000) (2,644,000)
Variable Rate Preferred Stock, Series C (629,000) - (1,279,000) -
9.50% Cumulative Preferred Stock, Series D (713,000) - (1,426,000) -
10.0% Cumulative Preferred Stock, Series E (1,372,000) - (2,286,000) -
9.75% Cumulative Preferred Stock, Series F (919,000) - (919,000) -
8.25% Convertible Preferred Stock (1,186,000) (1,186,000) (2,372,000) (2,372,000)
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Net income allocable to common shareholders $ 9,219,000 $ 6,545,000 $16,443,000 $11,642,000
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Weighted Average common and common
equivalent shares outstanding:
Weighted average common shares outstanding 34,665,710 23,714,460 32,615,690 22,264,864
Net effect of dilutive stock options - based
on treasury stock method using average
market price 126,475 172,872 91,866 172,021
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Total 34,792,185 23,887,332 32,707,556 22,436,885
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Primary earnings per common and common
equivalent share $ 0.26 $ 0.28 $ 0.50 $ 0.52
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Exhibit 11
STORAGE EQUITIES, INC.
Exhibit 11 - Statement Re: Computation of Earnings Per Share
For the three months ended For the six months ended
June 30, June 30,
1995 1994 1995 1994
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FULLY-DILUTED EARNINGS PER
COMMON AND COMMON EQUIVALENT
SHARE:
- --------------------------------
Net income allocable to common
shareholders per Primary
calculation above $ 9,219,000 $ 6,544,000 $16,443,000 $11,642,000
Add: dividends to 8.25%
Convertible Preferred Stock 1,186,000 1,186,000 2,372,000 2,372,000
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Net income allocable to common
shareholders for purposes of
determining Fully-diluted
Earnings per Common and Common
Equivalent Share $10,405,000 $ 7,730,000 $18,815,000 $14,014,000
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Weighted average common and
common equivalent shares
outstanding 34,792,185 23,887,332 32,707,556 22,436,885
Pro forma weighted average
common shares assuming
conversion of 8.25%
Convertible Preferred Stock 3,872,054 3,872,054 3,872,054 3,872,054
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Weighted average common and common
equivalent shares for purposes of
computation of Fully-diluted Earnings
per Common and Common Equivalent Share 38,664,239 27,759,386 36,579,610 26,308,939
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Fully-diluted Earnings per Common and
Common Share (1) $ 0.26 $ 0.28 $ 0.50 $ 0.53
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(1) Such amounts are not dilutive and are not presented in the Company's
consolidated financial statements
Exhibit 11