PS BUSINESS PARKS, INC.
EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
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Basic and Diluted Earnings Per Share: 2000 1999 2000 1999
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<S> <C> <C> <C> <C>
Net income allocable to common shareholders................ $ 10,199,000 $ 9,383,000 $ 29,910,000 $ 28,218,000
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Weighted average common shares outstanding:
Basic weighted average common shares outstanding........ 23,117,000 23,641,000 23,354,000 23,639,000
Net effect of dilutive stock options - based on
treasury stock method using average market price...... 99,000 83,000 72,000 74,000
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Diluted weighted average common shares outstanding...... 23,216,000 23,724,000 23,426,000 23,713,000
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Basic earnings per common share............................ $ 0.44 $ 0.40 $ 1.28 $ 1.19
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Diluted earnings per common share.......................... $ 0.44 $ 0.40 $ 1.28 $ 1.19
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</TABLE>
Exhibit 11
