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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2008 2007 2008 2007
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(Amounts in thousands, except per share data)
Net income.............................................. $ 137,331 $ 152,766 $ 783,486 $ 289,648
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) (9,702) (9,702)
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) (5,474) (5,474)
7.25% Cumulative Preferred Shares, Series I.......... (9,380) (9,380) (28,140) (28,140)
7.25% Cumulative Preferred Shares, Series K.......... (8,337) (8,337) (25,011) (25,011)
6.75% Cumulative Preferred Shares, Series L.......... (3,881) (3,881) (11,643) (11,643)
6.625% Cumulative Preferred Shares, Series M......... (8,280) (8,280) (24,841) (24,197)
7.000% Cumulative Preferred Shares, Series N......... (3,018) (3,018) (9,054) (3,018)
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Total net income allocated to preferred shareholders.... $ (60,333) $ (60,333) $ (180,999) $(176,424)
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Total net income allocable to common shareholders....... $ 76,998 $ 92,433 $ 602,487 $ 113,224
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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....... 71,642 87,077 586,419 97,156
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$ 76,998 $ 92,433 $ 602,487 $ 113,224
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding..... 168,133 169,374 168,248 169,317
Net effect of dilutive stock options and restricted
share units - based on treasury stock method using
average market price............................... 786 711 740 849
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Diluted weighted average common shares outstanding... 168,919 170,085 168,988 170,166
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Basic earnings per common share ........................ $ 0.43 $ 0.51 $ 3.49 $ 0.57
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Diluted earnings per common share ...................... $ 0.42 $ 0.51 $ 3.47 $ 0.57
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Exhibit 11