PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
Three months ended Nine months ended
September 30 September 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 $233,953 $210,737 $720,323 $584,237
Less: Preferred dividends declared 347 373 1,055 2,960
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Net income applicable to primary earnings per common share $233,606 $210,364 $719,268 $581,277
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Weighted average shares of common stock outstanding 339,074 335,451 340,692 336,284
Weighted average common shares to be issued using average market price and
assuming:
Exercise of stock options 1,461 3,532 1,450 2,936
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Primary weighted average common shares outstanding 340,535 338,983 342,142 339,220
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PRIMARY EARNINGS PER COMMON SHARE $.69 $.62 $2.10 $1.71
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CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
Net income $233,953 $210,737 $720,323 $584,237
Add: Interest expense on convertible debentures (net of tax) 850 938 2,574 2,916
Less: Dividends declared on non-convertible preferred stock 1,813
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Net income applicable to fully diluted earnings per common share $234,803 $211,675 $722,897 $585,340
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Weighted average shares of common stock outstanding 339,074 335,451 340,692 336,284
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 170 196 175 201
Conversion of preferred stock Series C 559 606 566 623
Conversion of preferred stock Series D 756 808 764 822
Conversion of debentures 2,748 3,074 2,811 3,147
Exercise of stock options 1,866 4,010 1,950 4,088
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Fully diluted weighted average common shares outstanding 345,173 344,145 346,958 345,165
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FULLY DILUTED EARNINGS PER COMMON SHARE $.68 $.62 $2.08 $1.70
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