EXHIBIT 11 PNC BANK CORP. AND SUBSIDIARIES CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
Three months ended March 31 In thousands, except per share data 1996 1995 - ----------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Net income $238,320 $179,547 Less: Preferred dividends declared 358 1,299 ------------------------------ Net income applicable to primary earnings per common share $237,962 $178,248 ------------------------------ Weighted average shares of common stock outstanding 341,402 339,240 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,470 2,500 ----------------------------- Primary weighted average common shares outstanding 342,872 341,740 ----------------------------- PRIMARY EARNINGS PER COMMON SHARE $.69 $.52 ============================= CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Net income $238,320 $179,547 Add: Interest expense on convertible debentures (net of tax) 859 990 Less: Dividends declared on non-convertible preferred stock 906 ----------------------------- Net income applicable to fully diluted earnings per common share $239,179 $179,631 ----------------------------- Weighted average shares of common stock outstanding 341,402 339,240 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 180 208 Conversion of preferred stock Series C 574 651 Conversion of preferred stock Series D 777 833 Conversion of debentures 2,863 3,187 Exercise of stock options 1,571 2,889 ----------------------------- Fully diluted weighted average common shares outstanding 347,367 347,008 ----------------------------- FULLY DILUTED EARNINGS PER COMMON SHARE $.69 $.52 ====================================================================================================================