EX-11 4 psi_11.txt COMPUTATION OF EARNINGS PER SHARE PUBLIC STORAGE, INC. EXHIBIT 11 - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
For the three months ended For the nine months ended September 30, September 30, ---------------------------- --------------------------- Earnings Per Share: 2001 2000 2001 2000 ------------------------------------------------------------------- ------------ ------------ ------------ ------------ (Amounts in thousands, except per share data) Net income........................................................ $ 83,604 $ 75,652 $ 240,012 $ 222,516 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) (1,518) (1,547) 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) (7,116) 8.25% Cumulative Preferred Stock, Series L..................... (2,372) (2,372) (7,116) (7,116) 8.75% Cumulative Preferred Stock, Series M..................... (1,230) (1,230) (3,690) (3,690) 8.60% Cumulative Preferred Stock, Series Q..................... (3,709) - (10,427) - 8.00% Cumulative Preferred Stock, Series R..................... - - - - ------------ ------------ ------------ ------------ Total preferred dividends (28,736) (25,027) (85,508) (75,110) ------------ ------------ ------------ ------------ $ 54,868 $ 50,625 $ 154,504 $ 147,406 ============ ============ ============ ============ Allocation of net income allocable to common shareholders to classes: Net income allocable to shareholders of the Equity Stock, Series A.......................................................... 5,314 2,666 14,080 7,590 Net income allocable to shareholders of common stock........... 49,554 47,959 140,424 139,816 ------------ ------------ ------------ ------------ $ 54,868 $ 50,625 $ 154,504 $ 147,406 ============ ============ ============ ============ Weighted average common shares outstanding: Basic - weighted average common shares outstanding............ 120,092 131,084 122,951 131,815 Effect of dilutive stock options - based on treasury stock method using average market price........................... 1,662 177 1,026 160 ------------ ------------ ------------ ------------ Diluted weighted average common shares outstanding (1)....... 121,754 131,261 123,977 131,975 ============ ============ ============ ============ Basic earnings per common share................................... $0.41 $0.37 $1.14 $1.06 ============ ============ ============ ============ Diluted earnings per common share (1) (2)........................ $0.41 $0.37 $1.13 $1.06 ============ ============ ============ ============
(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. (2) There are no additional potentially dilutive or anti-dilutive securities for the three or nine months ended September 30, 2001 and 2000 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