EXHIBIT 11 PNC BANK CORP. CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
- ----------------------------------------------------------------------------------------------------------------------- In thousands, except per share data Three months ended Nine months ended September 30 September 30 ----------------------- ----------------------- 1994 1993 1994 1993 - ----------------------------------------------------------------------------------------------------------------------- PRIMARY AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 235,243 234,079 235,144 233,594 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,671 2,465 1,810 2,686 Exercise of warrants 65 - ----------------------------------------------------------------------------------------------------------------------- Primary weighted average common shares outstanding 236,914 236,544 236,954 236,345 - ----------------------------------------------------------------------------------------------------------------------- FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 235,243 234,079 235,144 233,594 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 221 250 228 258 Conversion of preferred stock Series C 672 734 687 760 Conversion of preferred stock Series D 855 916 864 964 Conversion of debentures 73 81 74 87 Exercise of stock options 1,671 2,587 1,810 2,686 Exercise of warrants 65 - ----------------------------------------------------------------------------------------------------------------------- Fully diluted weighted average 238,735 238,647 238,807 238,414 common shares outstanding - ----------------------------------------------------------------------------------------------------------------------- PRIMARY EARNINGS PER COMMON SHARE Income before cumulative effect of changes in accounting principles $187,998 $217,676 $581,532 $573,829 Cumulative effect of changes in accounting principles, net of tax benefit of $5,343 (19,393) - ----------------------------------------------------------------------------------------------------------------------- Net income 187,998 217,676 581,532 554,436 Less: Preferred dividends declared 405 437 1,233 1,408 - ----------------------------------------------------------------------------------------------------------------------- Net income applicable to primary earnings per common share $187,593 $217,239 $580,299 $553,028 - ----------------------------------------------------------------------------------------------------------------------- Primary earnings per common share before cumulative effect of changes in accounting principles $.79 $.92 $2.45 $2.42 Cumulative effect of changes in accounting principles (.08) - ----------------------------------------------------------------------------------------------------------------------- Primary earnings per common share $.79 $.92 $2.45 $2.34 - ----------------------------------------------------------------------------------------------------------------------- FULLY DILUTED EARNINGS PER COMMON SHARE Income before cumulative effect of changes in accounting principles $187,998 $217,676 $581,532 $573,829 Cumulative effect of changes in accounting principles, net of tax benefit of $5,343 (19,393) - ----------------------------------------------------------------------------------------------------------------------- Net income 187,998 217,676 581,532 554,436 Add: Interest expense on convertible debentures (net of tax) 13 13 38 43 Less: Dividends declared on non-convertible preferred stock 34 - ----------------------------------------------------------------------------------------------------------------------- Net income applicable to fully diluted earnings per common share $188,011 $217,689 $581,570 $554,445 - ----------------------------------------------------------------------------------------------------------------------- Fully diluted earnings per common share before cumulative effect of changes in accounting principles $.79 $.91 $2.44 $2.41 Cumulative effect of changes in accounting principles (.08) - ----------------------------------------------------------------------------------------------------------------------- Fully diluted earnings per common share $.79 $.91 $2.44 $2.33 - -----------------------------------------------------------------------------------------------------------------------