Public Storage 2009 Annual Report Download - page 102

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PUBLIC STORAGE
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009
F-15
Net Income per Common Share
We first allocate net income to our noncontrolling interests in subsidiaries (Note 7) and
preferred shareholders to arrive at net income allocable to our common shareholders and Equity
Shares, Series A. Net income allocated to preferred shareholders or noncontrolling interests in
subsidiaries includes any excess of the cash required to redeem any preferred securities in the period
over the net proceeds from the original issuance of the securities (or, if securities are redeemed for less
than the original issuance proceeds, income allocated to the holders of the redeemed securities is
reduced).
The remaining net income is allocated among our regular common shares, restricted share
units, and our Equity Shares, Series A based upon the dividends declared (or accumulated) for each
security in the period, combined with each security’s participation rights in undistributed earnings.
Net income allocated to our regular common shares from continuing operations is computed
by eliminating the net income or loss from discontinued operations allocable to our regular common
shares, from net income allocated to our regular common shares.
Basic net income per share, basic net income (loss) from discontinued operations per share,
and basic net income from continuing operations per share are computed using the weighted average
common shares outstanding. Diluted net income per share, diluted net income (loss) from
discontinued operations per share, and diluted net income from continuing operations per share are
computed using the weighted average common shares outstanding, adjusted for the impact, if dilutive,
of stock options outstanding (Note 10).
The following table reflects the components of the calculations of our basic and diluted net
income per share, basic and diluted net loss from discontinued operations per share, and basic and
diluted net income from continuing operations per share which are not already otherwise set forth on
the face of our consolidated statements of income:
For the Year Ended December 31,
2009
2008
2007
(Amounts in thousands)
Net income allocable to common shareholders from
continuing operations and discontinued operations:
Net income allocable to common shareholders ..................
$ 585,966
$ 705,803
$ 198,978
Eliminate: Discontinued operations allocable to
common shareholders ....................................................
8,869
6,418
2,346
Net income from continuing operations allocable to
common shareholders ................................
.....................
$
594,835
$ 712,221
$
201,324
Weighted average common shares and equivalents
outstanding:
Basic weighted average common shares outstanding ........
168,358
168,250
169,342
Net effect of dilutive stock options - based on treasury
stock method using average market price .....................
410
425
508
Diluted weighted average common shares outstanding .....
168,768
168,675
169,850