PUBLIC STORAGE, INC.
          Exhibit 11 - Statement Re: Computation of Earnings Per Share

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<CAPTION>

                                                              For the Three Months Ended            For the Nine Months Ended
                                                                     September 30,                        September 30,
                                                               ---------------------------------    --------------------------------
PRIMARY EARNINGS PER SHARE:                                         1997               1996             1997               1996
---------------------------------------------                   ------------        ------------    ------------        ------------

<S>                                                               <C>                <C>             <C>                 <C>     
Net income                                                        $46,548            $40,366         $133,117            $110,446

Less: Preferred Stock dividends:
   10% Cumulative Preferred Stock, Series A                        (1,141)            (1,141)         (3,422)              (3,423)
   9.20% Cumulative Preferred Stock, Series B                      (1,372)            (1,372)         (4,116)              (4,116)
   Variable Rate Preferred Stock, Series C                           (557)              (582)         (1,673)              (1,630)
   9.50% Cumulative Preferred Stock, Series D                        (712)              (712)         (2,138)              (2,138)
   10.0% Cumulative Preferred Stock, Series E                      (1,372)            (1,372)         (4,116)              (4,116)
   9.75% Cumulative Preferred Stock, Series F                      (1,402)            (1,402)         (4,205)              (4,205)
   8.875% Cumulative Preferred Stock, Series G                     (3,827)            (3,827)        (11,482)             (11,652)
   8.45% Cumulative Preferred Stock, Series H                      (3,564)            (3,564)        (10,694)              (9,783)
   8.625% Cumulative Preferred Stock, Series I                     (2,156)                 -          (6,468)                   -
   8.000% Cumulative Preferred Stock, Series J                     (1,085)                 -          (1,085)                   -
   8.25% Convertible Preferred Stock                               (1,128)            (1,168)         (3,407)              (3,523)
   Mandatory Convertible Participating Preferred Stock                  -                  -                  -            (1,700)
   Mandatory Convertible Preferred Stock, Series CC                     -             (1,916)        (15,328)              (3,832)
                                                                ------------        ------------    ------------        ------------
       Total preferred dividends                                  (18,316)           (17,056)        (68,134)             (50,118)
                                                                ------------        ------------    ------------        ------------

Net income allocable to common shareholders                       $28,232            $23,310          $64,983             $60,328
                                                                ============        ============    ============        ============

Weighted Average common and common equivalent shares outstanding:


                                                                  102,964             78,052           96,586              74,440
Weighted average common shares outstanding

Net effect of dilutive stock options - based on
   treasury stock method using average market price                   572                286              568                 250
                                                                ------------        ------------    ------------        ------------
         Total                                                    103,536             78,338           97,154              74,690
                                                                ============        ============    ============        ============

Primary earnings per common and common equivalent
 share                                                              $0.27              $0.30             $0.67             $0.81
                                                                ============        ============    ============        ============

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<CAPTION>

                                                              For the Three Months Ended            For the Nine Months Ended
                                                                     September 30,                        September 30,
                                                               ---------------------------------    --------------------------------
Fully-diluted Earnings per Common and Common
     Equivalent Share:                                             1997               1996             1997               1996
---------------------------------------------                   ------------        ------------    ------------        ------------
<S>                                                             <C>                 <C>              <C>            <C>           
Net income allocable to common shareholders per
   Primary calculation above                                     $28,232            $23,310          $64,983             $60,328
Add dividends paid to holders of Convertible Preferred Stocks:
      *   8.25% Convertible Preferred Stock                        1,128              1,168            3,407               3,523
      *   Mandatory Convertible Participating
          Preferred Stock                                              -                  -                -               1,700
      *   Series CC Preferred Stock                                    -              1,916            1,916               3,832
                                                                ------------        ------------    ------------        ------------
Net income allocable to common shareholders for
   purposes of determining Fully-diluted Earnings per
   Common and Common Equivalent Share                            $29,360            $26,394          $70,306             $69,383
                                                                ------------        ------------    ------------        ------------

Weighted average common and common equivalent shares
   outstanding                                                   103,536             78,338           97,154              74,690
Proforma  weighted  average  common shares
   assuming  conversion of  Convertible
   Preferred Stock:
      *   8.25% Convertible Preferred Stock                        3,717              3,814            3,690               3,837
      *   Mandatory Convertible Participating
          Preferred Stock                                              -                  -                -                 985
      *   Series CC Preferred Stock  (1)                               -              2,064              688               1,376
                                                                ------------        ------------    ------------        ------------

Weighted average common and common equivalent 
  shares for purposes of computation
  of Fully-diluted Earnings per Common 
  and Common Equivalent Share                                    107,253             84,216          101,532              80,888
                                                                ------------        ------------    ------------        ------------
                             

Fully-diluted Earnings per Common and Common 
Share (2)
                                                                   $0.27              $0.31           $0.69               $0.86
                                                                ============        ============    ============        ============

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(1)  The 1997  three  and  nine  month  earnings  per  common  share  have  been
     negatively impacted by a non-recurring  special dividend on preferred stock
     totaling  $13,412,000  ($0.14  per  common  share.) At the end of the first
     quarter of 1997, the Company paid a special dividend  totaling  $13,412,000
     to its Series CC Convertible  Preferred  Stock.  As a result of the special
     dividend,  the Company would not have to pay another  dividend with respect
     to this stock until the quarter  ended  March 31,  1999.  During the second
     quarter of 1997, the Series CC Convertible  Preferred  Stock converted into
     common  stock  of the  Company.  Accordingly,  all of  the  $13,412,000  of
     dividends  were treated in the second  quarter of 1997 as an  allocation of
     net income to the preferred  shareholders  in determining the allocation of
     net income to the common shareholders.


(2)  Such  amounts are  anti-dilutive  and are not  presented  in the  Company's
     consolidated financial statements.

     In addition, the Company has 7,000,000 shares of Class B Common Stock which
     are  convertible  into  shares of the  Company's  Common  Stock  subject to
     certain  contingencies  such as the passage of time and the  attainment  of
     certain earnings milestone by the Company.  The assumption of such earnings
     and the pro forma  conversion of the Class B Common Stock into Common Stock
     in the  above  computations  would  have  resulted  in an  increase  in the
     fully-diluted earnings per common share, and accordingly, is anti-dilutive.