EX-11 2 psi10kex11.txt EXHIBIT 11 PUBLIC STORAGE, INC. EXHIBIT 11 - EARNINGS PER SHARE
For the Year Ended December 31, ----------------------------------------------------- 2006 2005 2004 --------------- -------------- --------------- (Amounts in thousands, except per share data) Earnings Per Share: Net income....................................................... $ 314,026 $ 456,393 $ 366,213 Less: Cumulative Preferred Stock Dividends: 9.50% Cumulative Preferred Stock, Series D.................... - - (2,131) 10.00% Cumulative Preferred Stock, Series E................... - (457) (5,488) 9.75% Cumulative Preferred Stock, Series F.................... - (1,884) (5,606) 8.25% Cumulative Preferred Stock, Series K.................... - - (501) 8.25% Cumulative Preferred Stock, Series L.................... - - (1,818) 8.75% Cumulative Preferred Stock, Series M.................... - - (3,089) 8.60% Cumulative Preferred Stock, Series Q.................... (742) (14,835) (14,835) 8.00% Cumulative Preferred Stock, Series R.................... (30,255) (40,800) (40,800) 7.875% Cumulative Preferred Stock, Series S................... (9,437) (11,320) (11,320) 7.625% Cumulative Preferred Stock, Series T................... (11,601) (11,601) (11,601) 7.625% Cumulative Preferred Stock, Series U................... (11,438) (11,438) (11,438) 7.50% Cumulative Preferred Stock, Series V.................... (12,938) (12,938) (12,938) 6.50% Cumulative Preferred Stock, Series W.................... (8,612) (8,612) (8,612) 6.45% Cumulative Preferred Stock, Series X.................... (7,740) (7,740) (7,740) 6.850% Cumulative Preferred Stock, Series Y................... (2,740) (2,740) (2,732) 6.250% Cumulative Preferred Stock, Series Z................... (7,031) (7,031) (5,801) 6.125% Cumulative Preferred Stock, Series A................... (7,044) (7,044) (5,302) 7.125% Cumulative Preferred Stock, Series B................... (7,748) (7,748) (3,896) 6.600% Cumulative Preferred Stock, Series C................... (7,590) (7,590) (2,277) 6.180% Cumulative Preferred Stock, Series D................... (8,344) (6,976) - 6.750% Cumulative Preferred Stock, Series E................... (9,536) (6,463) - 6.450% Cumulative Preferred Stock, Series F................... (16,124) (5,430) - 7.000% Cumulative Preferred Stock, Series G................... (7,000) (370) - 6.950% Cumulative Preferred Stock, Series H................... (6,945) - - 7.250% Cumulative Preferred Stock, Series I................... (24,908) - - 7.250% Cumulative Preferred Stock, Series K................... (13,340) - - 6.750% Cumulative Preferred Stock, Series L................... (3,105) - - --------------- -------------- --------------- Total preferred dividends........................................ (214,218) (173,017) (157,925) Allocation of income to preferred shareholders based on redemptions of preferred stock (application of EITF Topic D-42) (31,493) (7,538) (8,724) --------------- -------------- --------------- Total net income allocated to preferred shareholders............. $ (245,711) $ (180,555) $ (166,649) =============== ============== =============== Total net income allocable to common shareholders................ $ 68,315 $ 275,838 $ 199,564 =============== ============== =============== Allocation of net income to common shareholders by class: Net income allocable to shareholders of the Equity Stock, Series A.................................................. $ 21,424 $ 21,443 $ 21,501 Net income allocable to shareholders of common stock....... 46,891 254,395 178,063 --------------- -------------- --------------- $ 68,315 $ 275,838 $ 199,564 =============== ============== =============== Weighted average common shares and equivalents outstanding: Basic weighted average common shares outstanding.............. 142,760 128,159 127,836 Net effect of dilutive stock options - based on treasury stock method using average market price........................... 955 660 845 --------------- -------------- --------------- Diluted weighted average common shares outstanding............ 143,715 128,819 128,681 =============== ============== =============== Basic earnings per common and common equivalent share (a)........ $ 0.33 $ 1.98 $ 1.39 =============== ============== =============== Diluted earnings per common and common equivalent share (a)...... $ 0.33 $ 1.97 $ 1.38 =============== ============== ===============
(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, 2006. Exhibit 11