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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2008 2007 2008 2007
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(Amounts in thousands,
except per share data)
Net income.............................................. $ 133,813 $ 77,104 $ 646,155 $ 136,882
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) (6,468) (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 Shares, 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) (3,649)
7.25% Cumulative Preferred Shares, Series I.......... (9,380) (9,380) (18,760) (18,760)
7.25% Cumulative Preferred Shares, Series K.......... (8,337) (8,337) (16,674) (16,674)
6.75% Cumulative Preferred Shares, Series L.......... (3,881) (3,881) (7,762) (7,762)
6.625% Cumulative Preferred Shares, Series M......... (8,280) (8,280) (16,561) (15,917)
7.000% Cumulative Preferred Shares, Series N......... (3,018) - (6,036) -
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Total net income allocated to preferred shareholders.... $ (60,333) $ (57,315) $ (120,666) $(116,091)
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Total net income allocable to common shareholders....... $ 73,480 $ 19,789 $ 525,489 $ 20,791
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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 $ 10,712 $ 10,712
Net income (loss) allocable to common shareholders 68,124 14,433 514,777 10,079
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$ 73,480 $ 19,789 $ 525,489 $ 20,791
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding..... 168,028 169,346 168,307 169,288
Net effect of dilutive stock options and restricted
share units - based on treasury stock method using
average market price............................... 786 867 715 987
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Diluted weighted average common shares outstanding... 168,814 170,213 169,022 170,275
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Basic earnings (loss) per common share ................. $ 0.41 $ 0.09 $ 3.06 $ 0.06
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Diluted earnings (loss) per common share ............... $ 0.40 $ 0.08 $ 3.05 $ 0.06
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Exhibit 11