PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 11 CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
Three months ended Six months ended June 30 June 30 -------------------------------------------------- In thousands, except per share data 1996 1995 1996 1995 - --------------------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Net income $248,050 $193,953 $486,370 $373,500 Less: Preferred dividends declared 350 1,288 708 2,587 -------------------------------------------------- Net income applicable to primary earnings per common share $247,700 $192,665 $485,662 $370,913 -------------------------------------------------- Weighted average shares of common stock outstanding 341,618 334,194 341,510 336,711 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,404 3,264 1,439 2,897 -------------------------------------------------- Primary weighted average common shares outstanding 343,022 337,458 342,949 339,608 -------------------------------------------------- PRIMARY EARNINGS PER COMMON SHARE $.72 $.57 $1.42 $1.09 -------------------------------------------------- CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Net income $248,050 $193,953 $486,370 $373,500 Add: Interest expense on convertible debentures (net of tax) 865 988 1,723 1,978 Less: Dividends declared on non-convertible preferred stock 907 1,813 -------------------------------------------------- Net income applicable to fully diluted earnings per common share $248,915 $194,034 $488,093 $373,665 -------------------------------------------------- Weighted average shares of common stock outstanding 341,618 334,194 341,510 336,711 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 174 199 177 204 Conversion of preferred stock Series C 566 614 570 632 Conversion of preferred stock Series D 760 826 768 829 Conversion of debentures 2,821 3,181 2,842 3,184 Exercise of stock options 1,404 3,465 1,439 3,497 -------------------------------------------------- Fully diluted weighted average common shares outstanding 347,343 342,479 347,306 345,057 -------------------------------------------------- FULLY DILUTED EARNINGS PER COMMON SHARE $.72 $.56 $1.41 $1.08 - ---------------------------------------------------------------------------------------------------------------------------------