EX-11 5 q302psi_ex11.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 2002 2001 2002 2001 ------------------------------------------------ ------------- ------------- ------------- ------------- (amounts in thousands, except per share data) Net income..................................... $ 83,351 $ 83,604 $ 251,524 $ 240,012 Less Preferred Stock dividend: 10.00% Cumulative Preferred Stock, Series A. (1,142) (1,141) (3,422) (3,422) 9.20% Cumulative Preferred Stock, Series B.. (1,322) (1,372) (4,066) (4,116) Adjustable Rate Preferred Stock, Series C... (507) (506) (1,519) (1,518) 9.50% Cumulative Preferred Stock, Series D.. (711) (713) (2,137) (2,137) 10.00% Cumulative Preferred Stock, Series E. (1,372) (1,372) (4,116) (4,116) 9.75% Cumulative Preferred Stock, Series F.. (1,403) (1,401) (4,205) (4,205) 8.875% Cumulative Preferred Stock, Series G. - (3,827) - (11,482) 8.45% Cumulative Preferred Stock, Series H.. - (3,565) - (10,694) 8.625% Cumulative Preferred Stock, Series I. - (2,156) - (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.. (3,708) (3,709) (11,126) (10,427) 8.00% Cumulative Preferred Stock, Series R.. (10,200) - (30,600) - 7.875% Cumulative Preferred Stock, Series S. (2,830) - (8,490) - 7.625% Cumulative Preferred Stock, Series T. (2,900) - (8,111) - 7.625% Cumulative Preferred Stock, Series U. (2,859) - (6,990) - 7.500% Cumulative Preferred Stock, Series V. - - - - ------------- ------------- ------------- ------------- Total Preferred dividends................ (37,928) (28,736) (111,704) (85,508) ------------- ------------- ------------- ------------- $ 45,423 $ 54,868 $ 139,820 $ 154,504 ------------- ------------- ------------- ------------- Allocation of net income allocable to common shareholder to classes: Net income allocable to shareholders of the Equity Stock, Series A................. $ 5,375 $ 5,314 $ 16,126 $ 14,080 Net income allocable to shareholders of common stock........................... 40,048 49,554 123,694 140,424 ------------- ------------- ------------- ------------- $ 45,423 $ 54,868 $ 139,820 $ 154,504 ============= ============= ============= ============= Weighted average common shares outstanding: Basic - weighted average common shares outstanding............................ 123,341 120,092 122,707 122,951 Effect of dilutive stock options - based on treasury stock method using average market price........................... 1,443 1,662 1,832 1,026 ------------- ------------- ------------- ------------- Diluted weighted average common shares outstanding............................ 124,784 121,754 124,539 123,977 ============= ============= ============= ============= Basic earnings per common share................ $ 0.32 $ 0.41 $ 1.01 $ 1.14 ============= ============= ============= ============= Diluted earnings per common share.............. $ 0.32 $ 0.41 $ 0.99 $ 1.13 ============= ============= ============= =============
Note: There are no securities outstanding which would have an anti-dilutive effect upon earnings per common share in each of the three and nine months ending September 30, 2002 and 2001. Exhibit 11