PUBLIC STORAGE
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings Per Share:
- ------------------- For the Three Months Ended For the Nine Months Ended
September 30, September 30,
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2007 2006 2007 2006
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(Amounts in thousands, except per share data)
Net income.................................................. $ 152,766 $ 81,181 $ 289,648 $ 324,259
Less: Cumulative Preferred Share Dividends:
8.60% Cumulative Preferred Shares, Series Q.............. - - - (742)
8.00% Cumulative Preferred Shares, Series R.............. - (9,855) - (30,255)
7.875% Cumulative Preferred Shares, Series S............. - (2,830) - (8,490)
7.625% Cumulative Preferred Shares, Series T............. - (2,900) (548) (8,700)
7.625% Cumulative Preferred Shares, Series U............. - (2,860) (1,557) (8,580)
7.50% Cumulative Preferred Shares, Series V.............. (3,235) (3,235) (9,703) (9,703)
6.50% Cumulative Preferred Shares, Series W.............. (2,153) (2,153) (6,459) (6,459)
6.45% Cumulative Preferred Shares, Series X.............. (1,935) (1,935) (5,805) (5,805)
6.85% Cumulative Preferred Shares, Series Y.............. (685) (685) (2,055) (2,055)
6.25% Cumulative Preferred Shares, Series Z.............. (1,758) (1,758) (5,274) (5,274)
6.125% Cumulative Preferred Shares, Series A............. (1,761) (1,761) (5,283) (5,283)
7.125% Cumulative Preferred Shares, Series B............. (1,937) (1,937) (5,811) (5,811)
6.60% Cumulative Preferred Shares, Series C.............. (1,898) (1,898) (5,694) (5,694)
6.18% Cumulative Preferred Shares, Series D.............. (2,086) (2,086) (6,258) (6,258)
6.75% Cumulative Preferred Shares, Series E.............. (2,384) (2,384) (7,152) (7,152)
6.45% Cumulative Preferred Shares, Series F.............. (4,031) (4,031) (12,093) (12,093)
7.00% Cumulative Preferred Shares, Series G.............. (1,750) (1,750) (5,250) (5,250)
6.95% Cumulative Preferred Shares, Series H.............. (1,825) (1,825) (5,473) (5,121)
7.25% Cumulative Preferred Shares, Series I.............. (9,380) (9,380) (28,139) (15,529)
7.25% Cumulative Preferred Shares, Series K.............. (8,338) (5,002) (25,012) (5,002)
6.75% Cumulative Preferred Shares, Series L.............. (3,882) - (11,644) -
6.625% Cumulative Preferred Shares, Series M............. (8,281) - (24,200) -
7.000% Cumulative Preferred Shares, Series N............. (3,014) - (3,014) -
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Total preferred dividends................................... (60,333) (60,265) (176,424) (159,256)
Allocation of income to preferred shareholders based on
redemptions of preferred shares (a)...................... - (21,643) - (21,643)
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Total net income allocated to preferred shareholders........ $ (60,333) $ (81,908) $ (176,424) $ (180,899)
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Total net income (loss) allocable to common shareholders.... $ 92,433 $ (727) $ 113,224 $ 143,360
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity
Shares, Series A..................................... $ 5,356 $ 5,356 $ 16,068 $ 16,068
Net income allocable to common shareholders........... 87,077 (6,083) 97,156 127,292
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$ 92,433 $ (727) $ 113,224 $ 143,360
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 169,374 145,387 169,317 133,897
Net effect of dilutive stock options and restricted
share units - based on treasury stock method using
average market price................................... 711 - 849 954
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Diluted weighted average common shares outstanding....... 170,085 145,387 170,166 134,851
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Basic earnings per common share (a)......................... $ 0.51 $ (0.04) $ 0.57 $ 0.95
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Diluted earnings per common share (a)....................... $ 0.51 $ (0.04) $ 0.57 $ 0.94
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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