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                         SHURGARD STORAGE CENTERS, INC.

       EXHIBIT (11.1) - STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE

<TABLE>
<CAPTION>
                                                                     YEAR ENDED DECEMBER 31,
PRIMARY NET INCOME PER COMMON AND                         ----------------------------------------------
COMMON EQUIVALENT SHARE:                                     1996            1995              1994
                                                          ------------   -------------     -------------
<S>                                                       <C>            <C>               <C>          
   Net income                                             $ 32,785,000   $  29,572,000     $  17,821,000
                                                          ------------   -------------     -------------
   Weighted average common and common equivalent
     shares outstanding:
   Weighted average common shares outstanding               23,517,337      20,661,218        16,983,887
   Net effect of dilutive stock options-based on
     treasury stock method using average market
     price (1)                                                  34,978          14,138
                                                          ------------   -------------     -------------
   Primary common and common equivalent shares              23,552,315      20,675,356        16,983,887
                                                          ============   =============     =============
   Primary net income per common and common
     equivalent share                                     $       1.39   $        1.43     $        1.05
                                                          ============   =============     =============
</TABLE>

(1)   No adjustment has been made in 1994 as the option price exceeded the
      market price of our stock for substantially all of the fourth quarter of
      1994.

<TABLE>
<CAPTION>
                                                                       YEAR ENDED DECEMBER 31,
FULLY-DILUTED NET INCOME PER COMMON                      ------------------------------------------------
AND COMMON EQUIVALENT SHARE:                                1996              1995              1994
                                                         -------------    -------------     -------------
<S>                                                      <C>              <C>               <C>          
     Net income                                          $  32,785,000    $  29,572,000     $  17,821,000
                                                         -------------    -------------     -------------
     Weighted average common and common equivalent
       shares outstanding:
     Weighted average common shares outstanding             23,517,337       20,661,218        16,983,887
     Net effect of dilutive stock options-based on
       treasury stock method using average market
       price(1)                                                 53,476           34,516
                                                         -------------    -------------     -------------
     Fully diluted common and common equivalent
       shares                                               23,570,813       20,695,734        16,983,887
                                                         =============    =============     =============
     Fully diluted net income per common and common
       equivalent share                                  $        1.39    $        1.43     $        1.05
                                                         =============    =============     =============
</TABLE>

(1)  No adjustment has been made in 1994 as the option price exceeded the market
     price of our stock for substantially all of the fourth quarter of 1994.