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
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In thousands, except per share data 1996 1995 1996 1995
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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
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Net income applicable to primary earnings per common share $247,700 $192,665 $485,662 $370,913
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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
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Primary weighted average common shares outstanding 343,022 337,458 342,949 339,608
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PRIMARY EARNINGS PER COMMON SHARE $.72 $.57 $1.42 $1.09
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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
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Net income applicable to fully diluted earnings per common share $248,915 $194,034 $488,093 $373,665
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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
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Fully diluted weighted average common shares outstanding 347,343 342,479 347,306 345,057
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FULLY DILUTED EARNINGS PER COMMON SHARE $.72 $.56 $1.41 $1.08
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