PUBLIC STORAGE
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings Per Share:
- ------------------- For the Three Months Ended For the Six Months Ended
June 30, June 30,
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2007 2006 2007 2006
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(Amounts in thousands, except per share data)
Net income.................................................. $ 77,104 $ 128,862 $ 136,882 $ 243,078
Less: Cumulative Preferred Share Dividends:
8.60% Cumulative Preferred Shares, Series Q.............. - - - (742)
8.00% Cumulative Preferred Shares, Series R.............. - (10,200) - (20,400)
7.875% Cumulative Preferred Shares, Series S............. - (2,830) - (5,660)
7.625% Cumulative Preferred Shares, Series T............. - (2,900) (548) (5,800)
7.625% Cumulative Preferred Shares, Series U............. - (2,860) (1,557) (5,720)
7.50% Cumulative Preferred Shares, Series V.............. (3,234) (3,234) (6,468) (6,468)
6.50% Cumulative Preferred Shares, Series W.............. (2,153) (2,153) (4,306) (4,306)
6.45% Cumulative Preferred Shares, Series X.............. (1,935) (1,935) (3,870) (3,870)
6.85% Cumulative Preferred Shares, Series Y.............. (685) (685) (1,370) (1,370)
6.25% Cumulative Preferred Shares, Series Z.............. (1,758) (1,758) (3,516) (3,516)
6.125% Cumulative Preferred Shares, Series A............. (1,761) (1,761) (3,522) (3,522)
7.125% Cumulative Preferred Sharse, Series B............. (1,937) (1,937) (3,874) (3,874)
6.60% Cumulative Preferred Shares, Series C.............. (1,898) (1,898) (3,796) (3,796)
6.18% Cumulative Preferred Shares, Series D.............. (2,086) (2,086) (4,172) (4,172)
6.75% Cumulative Preferred Shares, Series E.............. (2,384) (2,384) (4,768) (4,768)
6.45% Cumulative Preferred Shares, Series F.............. (4,031) (4,031) (8,062) (8,062)
7.00% Cumulative Preferred Shares, Series G.............. (1,750) (1,750) (3,500) (3,500)
6.95% Cumulative Preferred Shares, Series H.............. (1,825) (1,825) (3,649) (3,296)
7.25% Cumulative Preferred Shares, Series I.............. (9,380) (6,149) (18,760) (6,149)
7.25% Cumulative Preferred Shares, Series K.............. (8,337) - (16,674) -
6.75% Cumulative Preferred Shares, Series L.............. (3,881) - (7,762) -
6.625% Cumulative Preferred Shares, Series M............. (8,280) - (15,917) -
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Total preferred dividends................................... (57,315) (52,376) (116,091) (98,991)
Allocation of income to preferred shareholders based on
redemptions of preferred shares (a)...................... - - - -
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Total net income allocated to preferred shareholders........ $ (57,315) $ (52,376) $ (116,091) $ (98,991)
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Total net income allocable to common shareholders........... $ 19,789 $ 76,486 $ 20,791 $ 144,087
Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity
Shares, Series A..................................... $ 5,356 $ 5,356 $ 10,712 $ 10,712
Net income allocable to common shareholders........... 14,433 71,130 10,079 133,375
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$ 19,789 $ 76,486 $ 20,791 $ 144,087
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 169,346 128,180 169,288 128,151
Net effect of dilutive stock options and restricted
share units - based on treasury stock method using
average market price................................... 867 882 987 886
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Diluted weighted average common shares outstanding....... 170,213 129,062 170,275 129,037
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Basic earnings per common share (a)......................... $ 0.09 $ 0.55 $ 0.06 $ 1.04
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Diluted earnings per common share (a)....................... $ 0.08 $ 0.55 $ 0.06 $ 1.03
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(a) See Note 2 to the Company's condensed consolidated financial statements
regarding "Net Income per Common Share" and the underlying discussion on
Emerging Issues Task Force Topic D-42.
Exhibit 11