PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31,
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2007 2006 2005
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Earnings Per Share:
Net income....................................................... $ 457,535 $ 314,026 $ 456,393
Less: Cumulative Preferred Share Dividends:
10.00% Cumulative Preferred Shares, Series E.................. - - (457)
9.75% Cumulative Preferred Shares, Series F................... - - (1,884)
8.60% Cumulative Preferred Shares, Series Q................... - (742) (14,835)
8.00% Cumulative Preferred Shares, Series R................... - (30,255) (40,800)
7.875% Cumulative Preferred Shares, Series S.................. - (9,437) (11,320)
7.625% Cumulative Preferred Shares, Series T.................. (548) (11,601) (11,601)
7.625% Cumulative Preferred Shares, Series U.................. (1,557) (11,438) (11,438)
7.50% Cumulative Preferred Shares, Series V................... (12,938) (12,938) (12,938)
6.50% Cumulative Preferred Shares, Series W................... (8,612) (8,612) (8,612)
6.45% Cumulative Preferred Shares, Series X................... (7,740) (7,740) (7,740)
6.850% Cumulative Preferred Shares, Series Y.................. (2,740) (2,740) (2,740)
6.250% Cumulative Preferred Shares, Series Z.................. (7,031) (7,031) (7,031)
6.125% Cumulative Preferred Shares, Series A.................. (7,044) (7,044) (7,044)
7.125% Cumulative Preferred Shares, Series B.................. (7,748) (7,748) (7,748)
6.600% Cumulative Preferred Shares, Series C.................. (7,590) (7,590) (7,590)
6.180% Cumulative Preferred Shares, Series D.................. (8,344) (8,344) (6,976)
6.750% Cumulative Preferred Shares, Series E.................. (9,536) (9,536) (6,463)
6.450% Cumulative Preferred Shares, Series F.................. (16,124) (16,124) (5,430)
7.000% Cumulative Preferred Shares, Series G.................. (7,000) (7,000) (370)
6.950% Cumulative Preferred Shares, Series H.................. (7,298) (6,945) -
7.250% Cumulative Preferred Shares, Series I.................. (37,519) (24,908) -
7.250% Cumulative Preferred Shares, Series K.................. (33,350) (13,340) -
6.750% Cumulative Preferred Shares, Series L.................. (15,526) (3,105) -
6.625% Cumulative Preferred Shares, Series M.................. (32,481) - -
7.000% Cumulative Preferred Shares, Series N.................. (6,031) - -
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Total preferred dividends........................................ (236,757) (214,218) (173,017)
Allocation of income to preferred shareholders based on
redemptions of preferred shares (application of EITF Topic D-42) - (31,493) (7,538)
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Total net income allocated to preferred shareholders............. $ (236,757) $ (245,711) $ (180,555)
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Total net income allocable to common shareholders................ $ 220,778 $ 68,315 $ 275,838
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Allocation of net income to common shareholders by class:
Net income allocable to shareholders of the Equity Shares,
Series A.................................................. $ 21,424 $ 21,424 $ 21,443
Net income allocable to common shareholders................ 199,354 46,891 254,395
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$ 220,778 $ 68,315 $ 275,838
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Weighted average common shares and equivalents outstanding:
Basic weighted average common shares outstanding.............. 169,342 142,760 128,159
Net effect of dilutive stock options - based on treasury stock
method using average market price........................... 805 955 660
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Diluted weighted average common shares outstanding............ 170,147 143,715 128,819
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Basic earnings per common and common equivalent share (a)........ $ 1.18 $ 0.33 $ 1.98
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Diluted earnings per common and common equivalent share (a)...... $ 1.17 $ 0.33 $ 1.97
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(a) See Note 2 to the Company's consolidated financial statements regarding
"Net Income per Common Share" and the underlying discussion on Emerging
Issues Task Force Topic D-42.
Note- There were no securities outstanding which would have had an anti-dilutive
effect upon earnings per common share in each of the three years ended December
31, 2007.
Exhibit-11