PUBLIC STORAGE
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Earnings Per Share: For the Three Months Ended
- ------------------- March 31,
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2008 2007
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(Amounts in thousands,
except per share data)
Net income.................................................. $ 512,342 $ 59,778
Less: Cumulative Preferred Share Dividends:
7.625% Cumulative Preferred Shares, Series T............. - (548)
7.625% Cumulative Preferred Shares, Series U............. - (1,557)
7.50% Cumulative Preferred Shares, Series V.............. (3,234) (3,234)
6.50% Cumulative Preferred Shares, Series W.............. (2,153) (2,153)
6.45% Cumulative Preferred Shares, Series X.............. (1,935) (1,935)
6.85% Cumulative Preferred Shares, Series Y.............. (685) (685)
6.25% Cumulative Preferred Shares, Series Z.............. (1,758) (1,758)
6.125% Cumulative Preferred Shares, Series A............. (1,761) (1,761)
7.125% Cumulative Preferred Shares, Series B............. (1,937) (1,937)
6.60% Cumulative Preferred Shares, Series C.............. (1,898) (1,898)
6.18% Cumulative Preferred Shares, Series D.............. (2,086) (2,086)
6.75% Cumulative Preferred Shares, Series E.............. (2,384) (2,384)
6.45% Cumulative Preferred Shares, Series F.............. (4,031) (4,031)
7.00% Cumulative Preferred Shares, Series G.............. (1,750) (1,750)
6.95% Cumulative Preferred Shares, Series H.............. (1,824) (1,824)
7.25% Cumulative Preferred Shares, Series I.............. (9,380) (9,380)
7.25% Cumulative Preferred Shares, Series K.............. (8,337) (8,337)
6.75% Cumulative Preferred Shares, Series L.............. (3,881) (3,881)
6.625% Cumulative Preferred Shares, Series M............. (8,281) (7,637)
7.000% Cumulative Preferred Shares, Series N............. (3,018) -
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Total net income allocated to preferred shareholders........ $ (60,333) $ (58,776)
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Total net income allocable to common shareholders........... $ 452,009 $ 1,002
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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
Net income (loss) allocable to common shareholders.... 446,653 (4,354)
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$ 452,009 $ 1,002
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding......... 168,586 169,229
Net effect of dilutive stock options and restricted
share units - based on treasury stock method using
average market price................................... 644 -
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Diluted weighted average common shares outstanding....... 169,230 169,229
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Basic earnings (loss) per common share ..................... $ 2.65 $ (0.03)
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Diluted earnings (loss) per common share ................... $ 2.64 $ (0.03)
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Exhibit 11