EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
PNC BANK CORP. AND SUBSIDIARIES
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Year Ended December 31,
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In Thousands, except per share data 1993 1992 1991 1990 1989
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PRIMARY AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 233,782 221,408 195,372 189,520 186,440
Weighted average common shares to be issued
using average market price and assuming:
Exercise of stock options 2,556 2,498 1,370 76 658
Exercise of warrants 48 117 130 118 172
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Primary weighted average common shares 236,386 224,023 196,872 189,714 187,270
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FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 233,782 221,408 195,372 189,520 186,440
Weighted average common shares to be issued
using average market price or period-end market
price, whichever is higher, and assuming:
Conversion of preferred stock Series A & B 256 296 328 370 424
Conversion of preferred stock Series C 748 870 944 1,482
Conversion of preferred stock Series D 946 1,186 1,354 2,316
Conversion of debentures 85 206 478 1,402
Exercise of stock options 2,556 3,037 2,696 76 660
Exercise of warrants 48 122 152 118 172
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Fully diluted weighted average common shares 238,421 227,125 201,324 190,084 192,896
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PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in
accounting principles $745,263 $529,440 $389,786 $70,912 $377,440
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 and $52,804 (19,393) (102,501)
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Net income $725,870 $426,939 $389,786 $70,912 $377,440
Add: ESOP dividends tax benefit 2,680 1,985 2,195
Less: Preferred dividends declared 1,832 3,056 3,295 3,458 4,794
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Net income applicable to primary earnings
per common share $724,038 $426,563 $388,476 $69,649 $372,646
Primary before cumulative effect of
changes in accounting principles $3.14 $2.36 $1.97 $.37 $1.99
Cumulative effect of changes in
accounting principles (.08) (.46)
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Primary earnings per common share $3.06 $1.90 $1.97 $.37 $1.99
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FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of changes
in accounting principles $745,263 $529,440 $389,786 $70,912 $377,440
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 and $52,804 (19,393) (102,501)
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Net income $725,870 $426,939 $389,786 $70,912 $377,440
Add: Interest expense on convertible
debentures (net of tax) 57 142 368 971
ESOP dividends tax benefit 2,680 1,985 2,195
Less: Dividends declared on non-convertible
preferred stock 34 879 879 879 879
Convertible preferred dividends 2,499
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Net income applicable to fully diluted
earnings per common share $725,893 $428,882 $391,260 $69,729 $377,532
Fully diluted before cumulative effect
of changes in accounting principles $3.13 $2.34 $1.94 $.37 $1.96
Cumulative effect of changes in
accounting principles (.09) (.45)
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Fully diluted earnings per common share $3.04 $1.89 $1.94 $.37 $1.96
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With respect to the 1990 fully diluted earnings per share calculation,
preferred stock series C and D, and the convertible debentures were excluded
since the conversion of these securities would have the effect of increasing
the earnings per share amount for the year.