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PUBLIC STORAGE
NOTES TO FINANCIAL STATEMENTS
December 31, 2013
F-14
Discontinued Operations
Discontinued operations represent the net income of those facilities that have been disposed of as of
during the three years ended December 31, 2013, or which we plan to dispose of within a year. In addition,
discontinued operations include $12.1 million and $2.7 million in gains on disposition of real estate facilities in
2012 and 2011, respectively.
Net Income per Common Share
Net income is allocated to (i) noncontrolling interests based upon their share of the net income of the
Subsidiaries, (ii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance
proceeds (an “EITF D-42 allocation.”), and (iii) the remaining net income allocated to each of our equity
securities based upon the dividends declared or accumulated during the period, combined with participation
rights in undistributed earnings.
Basic net income per share, basic net income 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 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 net income allocations and weighted average common shares and
equivalents outstanding, as used in our calculations of basic and diluted net income per share, basic and diluted
net income from discontinued operations per share, and basic and diluted net income from continuing
operations per share:
For the Years Ended December 31,
2013 2012 2011
(Amounts in thousands)
Net income allocable to common shareholders from
continuing operations and discontinued operations:
Net income allocable to common shareholders $ 844,731 $ 669,694 $ 561,747
Eliminate: Discontinued operations
allocable to common shareholders - (12,874) (3,316)
Net income from continuing operations
allocable to common shareholders $ 844,731 $ 656,820 $ 558,431
Weighted average common shares and equivalents
outstanding:
Basic weighted average common shares outstanding 171,640 170,562 169,657
Net effect of dilutive stock options - based
on treasury stock method 1,048 1,102 1,093
Diluted weighted average common shares outstanding 172,688 171,664 170,750