Company: PSA-PH
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001393311-25-000036
Chunk: 147

Company: Public Storage
Filing Date: 2025-02-24
Form: 10-K
Item: Item 15
Chunk 147
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, 2024

12.   Net Income per Common ShareWe allocate net income to (i) noncontrolling interests based upon their contractual rights in the respective subsidiaries or for participating noncontrolling interests based upon their participation in both distributed and undistributed earnings of the Company, (ii) preferred shareholders, for distributions paid or payable, (iii) preferred shareholders, to the extent redemption cost exceeds the related original net issuance proceeds (a “preferred share redemption charge”), and (iv) RSUs and unvested LTIP units, for non-forfeitable dividends and distributions paid and adjusted for participation rights in undistributed earnings of the Company. We calculate basic and diluted net income per common share based upon net income allocable to common shareholders, divided by (i) weighted average common shares for basic net income per common share, and (ii) weighted average common shares adjusted for the impact of dilutive stock options and AO LTIP units outstanding for diluted net income per common share. Stock options and AO LTIP units representing 138,739 common shares were excluded from the computation of diluted earnings per share for 2024, as compared to 375,577 common shares for 2023, because their effect would have been antidilutive.The following table reconciles the numerators and denominators of the basic and diluted net income per common shares computation for the year ended December 31, 2024, 2023, and 2022, respectively (in thousands, except per share amounts):For the Years Ended December 31, 202420232022Numerator for basic and dilutive net income per common share – net income allocable to common shareholders$1,872,685$1,948,741$4,142,288Denominator for basic net income per share - weighted average common shares outstanding175,351175,472175,257Net effect of dilutive stock options and AO LTIP units - based on treasury stock method6876711,023Denominator for dilutive net income per share - weighted average common shares outstanding176,038176,143176,280Net income per common share:Basic$10.68$11.11$23.64Dilutive$10.64$11.06$23.50

F-32

PUBLIC STORAGENOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024

13.   Segment InformationOur operating segments reflect the significant components of our operations where discrete financial information is evaluated separately by our President and