EX-11 2 psi10k_ex11.txt EXHIBIT 11 PUBLIC STORAGE, INC. EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31, ------------------------------------------------------ 2007 2006 2005 -------------- -------------- --------------- Earnings Per Share: Net income....................................................... $ 457,535 $ 314,026 $ 456,393 Less: Cumulative Preferred Share Dividends: 10.00% Cumulative Preferred Shares, Series E.................. - - (457) 9.75% Cumulative Preferred Shares, Series F................... - - (1,884) 8.60% Cumulative Preferred Shares, Series Q................... - (742) (14,835) 8.00% Cumulative Preferred Shares, Series R................... - (30,255) (40,800) 7.875% Cumulative Preferred Shares, Series S.................. - (9,437) (11,320) 7.625% Cumulative Preferred Shares, Series T.................. (548) (11,601) (11,601) 7.625% Cumulative Preferred Shares, Series U.................. (1,557) (11,438) (11,438) 7.50% Cumulative Preferred Shares, Series V................... (12,938) (12,938) (12,938) 6.50% Cumulative Preferred Shares, Series W................... (8,612) (8,612) (8,612) 6.45% Cumulative Preferred Shares, Series X................... (7,740) (7,740) (7,740) 6.850% Cumulative Preferred Shares, Series Y.................. (2,740) (2,740) (2,740) 6.250% Cumulative Preferred Shares, Series Z.................. (7,031) (7,031) (7,031) 6.125% Cumulative Preferred Shares, Series A.................. (7,044) (7,044) (7,044) 7.125% Cumulative Preferred Shares, Series B.................. (7,748) (7,748) (7,748) 6.600% Cumulative Preferred Shares, Series C.................. (7,590) (7,590) (7,590) 6.180% Cumulative Preferred Shares, Series D.................. (8,344) (8,344) (6,976) 6.750% Cumulative Preferred Shares, Series E.................. (9,536) (9,536) (6,463) 6.450% Cumulative Preferred Shares, Series F.................. (16,124) (16,124) (5,430) 7.000% Cumulative Preferred Shares, Series G.................. (7,000) (7,000) (370) 6.950% Cumulative Preferred Shares, Series H.................. (7,298) (6,945) - 7.250% Cumulative Preferred Shares, Series I.................. (37,519) (24,908) - 7.250% Cumulative Preferred Shares, Series K.................. (33,350) (13,340) - 6.750% Cumulative Preferred Shares, Series L.................. (15,526) (3,105) - 6.625% Cumulative Preferred Shares, Series M.................. (32,481) - - 7.000% Cumulative Preferred Shares, Series N.................. (6,031) - - -------------- -------------- --------------- Total preferred dividends........................................ (236,757) (214,218) (173,017) Allocation of income to preferred shareholders based on redemptions of preferred shares (application of EITF Topic D-42) - (31,493) (7,538) -------------- -------------- --------------- Total net income allocated to preferred shareholders............. $ (236,757) $ (245,711) $ (180,555) ============== ============== =============== Total net income allocable to common shareholders................ $ 220,778 $ 68,315 $ 275,838 ============== ============== =============== Allocation of net income to common shareholders by class: Net income allocable to shareholders of the Equity Shares, Series A.................................................. $ 21,424 $ 21,424 $ 21,443 Net income allocable to common shareholders................ 199,354 46,891 254,395 -------------- -------------- --------------- $ 220,778 $ 68,315 $ 275,838 ============== ============== =============== Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding.............. 169,342 142,760 128,159 Net effect of dilutive stock options - based on treasury stock method using average market price........................... 805 955 660 -------------- -------------- --------------- Diluted weighted average common shares outstanding............ 170,147 143,715 128,819 ============== ============== =============== Basic earnings per common and common equivalent share (a)........ $ 1.18 $ 0.33 $ 1.98 ============== ============== =============== Diluted earnings per common and common equivalent share (a)...... $ 1.17 $ 0.33 $ 1.97 ============== ============== ===============
(a) See Note 2 to the Company's consolidated financial statements regarding "Net Income per Common Share" and the underlying discussion on Emerging Issues Task Force Topic D-42. Note- There were no securities outstanding which would have had an anti-dilutive effect upon earnings per common share in each of the three years ended December 31, 2007. Exhibit-11