EXHIBIT 11 PNC BANK CORP. AND SUBSIDIARIES CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
In thousands, except per share data 1996 1995 1994 - -------------------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Income before cumulative effect of change in accounting principle $992,226 $408,060 $891,456 Cumulative effect of change in accounting principle, net of tax benefits of $4,598 (7,528) -------------------------------------- Net income 992,226 408,060 883,928 Less: Preferred dividends declared 5,480 3,327 6,163 -------------------------------------- Net income applicable to primary earnings per common share $986,746 $404,733 $877,765 -------------------------------------- Weighted average common shares outstanding 338,636 336,455 342,308 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,610 2,679 2,906 -------------------------------------- Primary weighted average common shares outstanding 340,246 339,134 345,214 ====================================== PRIMARY EARNINGS PER COMMON SHARE Primary before cumulative effect of change in accounting principle $2.90 $1.19 $2.56 Cumulative effect of change in accounting principle (.02) -------------------------------------- Primary earnings per common share $2.90 $1.19 $2.54 ====================================== CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Income before cumulative effect of change in accounting principle $992,226 $408,060 $891,456 Cumulative effect of change in accounting principle, net of tax benefit of $4,598 (7,528) -------------------------------------- Net income 992,226 408,060 883,928 Add: Interest expense on convertible debentures (net of tax) 3,416 3,842 4,012 Less: Dividends declared on non-convertible preferred stock 4,084 1,813 4,531 -------------------------------------- Net income applicable to fully diluted earnings per common share $991,558 $410,089 $883,409 -------------------------------------- Weighted average shares of common stock outstanding 338,636 336,455 342,308 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 173 198 225 Conversion of preferred stock Series C 562 616 681 Conversion of preferred stock Series D 759 815 859 Conversion of debentures 2,790 3,105 3,228 Exercise of stock options 2,434 3,733 2,917 -------------------------------------- Fully diluted weighted average common shares outstanding 345,354 344,922 350,218 -------------------------------------- FULLY DILUTED EARNINGS PER COMMON SHARE Fully diluted before cumulative effect of change in accounting principle $2.87 $1.19 $2.54 Cumulative effect of change in accounting principle (.02) -------------------------------------- Fully diluted earnings per common share $2.87 $1.19 $2.52 ================================================================================================================================