PUBLIC STORAGE, INC.
EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
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For the three months ended For the nine months ended
September 30, September 30,
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EARNINGS PER SHARE: 2000 1999 2000 1999
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(Amounts in thousands, except per share data)
<S> <C> <C> <C> <C>
Net income........................................... $ 75,652 $ 76,752 $ 222,516 $ 212,245
Less: Preferred Stock dividends:
10% Cumulative Preferred Stock, Series A.......... (1,141) (1,141) (3,422) (3,422)
9.20% Cumulative Preferred Stock, Series B........ (1,372) (1,372) (4,116) (4,116)
Adjustable Rate Preferred Stock, Series C......... (506) (506) (1,547) (1,519)
9.50% Cumulative Preferred Stock, Series D........ (713) (713) (2,137) (2,137)
10.0% Cumulative Preferred Stock, Series E........ (1,372) (1,372) (4,116) (4,116)
9.75% Cumulative Preferred Stock, Series F........ (1,401) (1,401) (4,205) (4,205)
8.875% Cumulative Preferred Stock, Series G....... (3,827) (3,827) (11,482) (11,482)
8.45% Cumulative Preferred Stock, Series H........ (3,565) (3,565) (10,694) (10,694)
8.625% Cumulative Preferred Stock, Series I....... (2,156) (2,156) (6,469) (6,469)
8.00% Cumulative Preferred Stock, Series J........ (3,000) (3,000) (9,000) (9,000)
8.25% Cumulative Preferred Stock, Series K........ (2,372) (2,372) (7,116) (6,668)
8.25% Cumulative Preferred Stock, Series L........ (2,372) (2,372) (7,116) (5,323)
8.75% Cumulative Preferred Stock, Series M........ (1,230) (615) (3,690) (615)
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Total preferred dividends (25,027) (24,412) (75,110) (69,766)
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$ 50,625 $ 52,340 $ 147,406 $ 142,479
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Allocation of net income allocable to common shareholders to classes:
Net income allocable to shareholders of the Equity
Stock, Series A.................................. 2,666 - 7,590 -
Net income allocable to shareholders of common
stock............................................ 47,959 52,340 139,816 142,479
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$ 50,625 $ 52,340 $ 147,406 $ 142,479
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Weighted average common shares outstanding:
Basic - weighted average common shares outstanding
131,084 129,041 131,815 125,561
Effect of dilutive stock options - based on treasury
stock method using average market price......... 177 208 160 272
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Diluted weighted average common shares outstanding
(1)............................................. 131,261 129,249 131,975 125,833
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Basic earnings per common share...................... $0.37 $0.41 $1.06 $1.13
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Diluted earnings per common share (1) (2)............ $0.37 $0.40 $1.06 $1.13
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1. Diluted net income per common share is computed using the weighted average
common shares outstanding (adjusted for stock options). Commencing January
1, 2000, the 7,000,000 Class B common shares outstanding began to
participate in distributions of our earnings. Distributions per share of
Class B common stock are equal to 97% of the per share distribution paid to
our regular common shares. As a result of this participation in
distribution of earnings, for purposes of computing net income per common
share, we began to include 6,790,000 (7,000,000 x 97%) Class B common
shares in the weighted average common equivalent shares for the three
months ended March 31, 2000. Weighted average diluted shares for the three
and nine months ended September 30, 1999 does not include any shares with
respect to the Class B common stock as these shares did not participate in
distributions of our earnings prior to January 1, 2000.
2. There are no additional potentially dilutive or anti-dilutive securities
for the three or nine months ended September 30, 2000 and 1999 within the
definitions of Statement of Financial Accounting Standards No. 128,
"Earnings per Share." Accordingly, there is no separate presentation of a
determination of the impact of conversion of anti-dilutive securities
Exhibit 11
