EX-11 5 q403psi_ex11.txt EXHIBIT 11 EPS PUBLIC STORAGE, INC. EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31, --------------------------------------------------- 2003 2002 2001 ------------- ------------- ------------ (amounts in thousands, except per share data) Earnings Per Share: Net income....................................................... $ 336,653 $ 318,738 $ 324,208 Less: Cumulative Preferred Stock Dividends: 10% Cumulative Preferred Stock, Series A...................... - (3,422) (4,563) 9.20% Cumulative Preferred Stock, Series B.................... (1,322) (5,389) (5,488) Adjustable Rate Preferred Stock, Series C..................... (1,013) (2,024) (2,024) 9.50% Cumulative Preferred Stock, Series D.................... (2,850) (2,850) (2,850) 10.00% Cumulative Preferred Stock, Series E................... (5,488) (5,488) (5,488) 9.75% Cumulative Preferred Stock, Series F.................... (5,606) (5,606) (5,606) 8-7/8% Cumulative Preferred Stock, Series G................... - - (11,482) 8.45% Cumulative Preferred Stock, Series H.................... - - (10,853) 8-5/8% Cumulative Preferred Stock, Series I................... - - (7,475) 8% Cumulative Preferred Stock, Series J....................... - (9,200) (12,000) 8.25% Cumulative Preferred Stock, Series K.................... (9,488) (9,488) (9,488) 8.25% Cumulative Preferred Stock, Series L................... (9,488) (9,488) (9,488) 8.75% Cumulative Preferred Stock, Series M.................... (4,922) (4,922) (4,922) 8.60% Cumulative Preferred Stock, Series Q.................... (14,835) (14,835) (14,134) 8.00% Cumulative Preferred Stock, Series R.................... (40,800) (40,800) (10,200) 7.875% Cumulative Preferred Stock, Series S................... (11,320) (11,320) (1,918) 7.625% Cumulative Preferred Stock, Series T................... (11,601) (11,011) - 7.625% Cumulative Preferred Stock, Series U................... (11,438) (9,849) - 7.50% Cumulative Preferred Stock, Series V.................... (12,938) (3,234) - 6.50% Cumulative Preferred Stock, Series W.................... (2,057) - - 6.45% Cumulative Preferred Stock, Series X.................... (1,030) - - ------------- ------------- ------------ Total preferred dividends........................................ (146,196) (148,926) (117,979) Allocation of income to preferred shareholders based on redemptions of preferred stock................................ (7,120) (6,888) (14,835) ------------- ------------- ------------ Total net income allocated to preferred shareholders............. $ (153,316) $ (155,814) $ (132,814) ============= ============= ============ Total net income allocable to common shareholders................ $ 183,337 $ 162,924 $ 191,394 ============= ============= ============ Allocation of net income to common shareholders by class: Net income allocable to shareholders of the Equity Stock, Series A.................................................. $ 21,501 $ 21,501 $ 19,455 Net income allocable to shareholders of common stock....... 161,836 141,423 171,939 ------------- ------------- ------------ $ 183,337 $ 162,924 $ 191,394 ============= ============= ============ Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding.............. 125,181 123,005 122,310 Net effect of dilutive stock options - based on treasury stock method using average market price........................... 1,336 1,566 1,267 ------------- ------------- ------------ Diluted weighted average common shares outstanding............ 126,517 124,571 123,577 ============= ============= ============ Basic earnings per common and common equivalent share............ $ 1.29 $ 1.15 $ 1.41 ============= ============= ============ Diluted earnings per common and common equivalent share.......... $ 1.28 $ 1.14 $ 1.39 ============= ============= ============
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, 2003. Exhibit 11