EXHIBIT 11 PNC BANK CORP. CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
- ----------------------------------------------------------------------------------------------------------------------- In thousands, except per share data Three months ended Six months ended June 30 June 30 ----------------------- ----------------------- 1994 1993 1994 1993 - ----------------------------------------------------------------------------------------------------------------------- PRIMARY AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 235,320 233,635 235,093 233,347 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,921 2,830 1,881 2,769 Exercise of warrants 96 98 - ----------------------------------------------------------------------------------------------------------------------- Primary weighted average common shares outstanding 237,241 236,561 236,974 236,241 - ----------------------------------------------------------------------------------------------------------------------- FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 235,320 233,635 235,093 233,347 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 223 258 232 262 Conversion of preferred stock Series C 684 760 694 773 Conversion of preferred stock Series D 864 965 869 989 Conversion of debentures 73 88 74 90 Exercise of stock options 1,921 2,948 1,925 2,985 Exercise of warrants 97 99 - ----------------------------------------------------------------------------------------------------------------------- Fully diluted weighted average 239,086 238,751 238,887 238,545 common shares outstanding - ----------------------------------------------------------------------------------------------------------------------- PRIMARY EARNINGS PER COMMON SHARE Income before cumulative effect of changes in accounting principles $187,845 $169,142 $393,534 $356,153 Cumulative effect of changes in accounting principles, net of tax benefit of $5,343 (19,393) - ----------------------------------------------------------------------------------------------------------------------- Net income 187,845 169,142 393,534 336,760 Less: Preferred dividends declared 410 459 829 971 - ----------------------------------------------------------------------------------------------------------------------- Net income applicable to primary earnings per common share $187,435 $168,683 $392,705 $335,789 - ----------------------------------------------------------------------------------------------------------------------- Primary before cumulative effect of changes in accounting principles $.79 $.71 $1.66 $1.50 Cumulative effect of changes in accounting principles (.08) - ----------------------------------------------------------------------------------------------------------------------- Primary earnings per common share $.79 $.71 $1.66 $1.42 - ----------------------------------------------------------------------------------------------------------------------- FULLY DILUTED EARNINGS PER COMMON SHARE Income before cumulative effect of changes in accounting principles $187,845 $169,142 $393,534 $356,153 Cumulative effect of changes in accounting principles, net of tax benefit of $5,343 (19,393) - ----------------------------------------------------------------------------------------------------------------------- Net income 187,845 168,142 393,534 336,760 Add: Interest expense on convertible debentures (net of tax) 13 15 25 31 Less: Dividends declared on non-convertible preferred stock 34 - ----------------------------------------------------------------------------------------------------------------------- Net income applicable to fully diluted earnings per common share $187,858 $169,157 $393,559 $336,757 - ----------------------------------------------------------------------------------------------------------------------- Fully diluted before cumulative effect of changes in accounting principles $.79 $.71 $1.65 $1.49 Cumulative effect of changes in accounting principles (.08) - ----------------------------------------------------------------------------------------------------------------------- Fully diluted earnings per common share $.79 $.71 $1.65 $1.41 - -----------------------------------------------------------------------------------------------------------------------