Public Storage 2003 Annual Report Download - page 160

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PUBLIC STORAGE, INC.
EXHIBIT 11 - EARNINGS PER SHARE
Exhibit-11
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.