STORAGE EQUITIES, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the three months ended For the nine months ended
September 30, September 30,
1995 1994 1995 1994
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PRIMARY EARNINGS PER SHARE:
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Net income $19,470,000 $10,943,000 $49,221,000 $29,884,000
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A (1,140,000) (1,140,000) (3,422,000) (3,422,000)
9.20% Cumulative Preferred Stock, Series B (1,372,000) (1,324,000) (4,116,000) (3,968,000)
Variable Rate Preferred Stock, Series C (544,000) (618,000) (1,824,000) (618,000)
9.50% Cumulative Preferred Stock, Series D (713,000) (236,000) (2,138,000) (236,000)
10.0% Cumulative Preferred Stock, Series E (1,372,000) - (3,658,000) -
9.75% Cumulative Preferred Stock, Series F (1,402,000) - (2,321,000) -
8.25% Convertible Preferred Stock (1,186,000) (1,186,000) (3,558,000) (3,558,000)
Convertible Participating Preferred Stock (867,000) - (867,000) -
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Net income allocable to common shareholders $10,874,000 $ 6,439,000 $27,317,000 $18,082,000
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Weighted Average common and common
equivalent shares outstanding:
Weighted average common shares outstanding 42,064,283 23,714,460 35,735,608 22,839,672
Net effect of dilutive stock options - based on
treasury stock method using average market price 153,198 112,493 111,594 111,735
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Total 42,217,481 23,826,953 35,847,202 22,951,407
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Primary earnings per common and common equivalent
share $ 0.26 $ 0.27 $ 0.76 $ 0.79
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Exhibit 11
STORAGE EQUITIES, INC.
EXHIBIT 11 - STATMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the three months ended For the nine months ended
September 30, September 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 $10,847,000 $ 6,439,000 $27,317,000 $18,082,000
Add: dividends to 8.25% Convertible Preferred Stock 1,186,000 1,186,000 3,558,000 3,558,000
Add: dividends to Mandatory Convertible Participating
Preferred Stock 867,000 - 867,000 -
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Net income allocable to common shareholders for purposes of
determining Fully-diluted Earnings per Common and Common
Equivalent Share $12,900,000 $ 7,625,000 $31,742,000 $21,640,000
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Weighted average common and common equivalent shares
outstanding 42,217,481 23,826,953 35,847,202 22,951,407
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
Pro forma weighted average common shares assuming
conversion of Mandatory Convertible Participating
Preferred Stock 1,503,768 - 501,256 -
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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 47,593,303 27,699,007 40,220,512 26,823,461
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Fully-diluted Earnings per Common and Common Share (1) $ 0.27 $ 0.28 $ 0.79 $ 0.81
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(1) Such amounts are not dilutive and are not presented in the Company's
consolidated financial statements
Exhibit 11