PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 11 CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
Three months ended March 31 - in thousands, except per share data 1997 1996 - --------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Net income $266,309 $238,320 Less: Preferred dividends declared 4,875 358 ------------------------- Net income applicable to primary earnings per common share $261,434 $237,962 ------------------------- Weighted average shares of common stock outstanding 322,054 341,402 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,918 1,470 ------------------------- Primary weighted average common shares outstanding 323,972 342,872 ========================= PRIMARY EARNINGS PER COMMON SHARE $.81 $.69 ========================= CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Net income $266,309 $238,320 Add: Interest expense on convertible debentures (net of tax) 769 859 Less: Dividends declared on non-convertible preferred stock 4,537 ------------------------- Net income applicable to fully diluted earnings per common share $262,541 $239,179 ------------------------- Weighted average shares of common stock outstanding 322,054 341,402 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 167 180 Conversion of preferred stock Series C 542 574 Conversion of preferred stock Series D 731 777 Conversion of debentures 2,505 2,863 Exercise of stock options 1,918 1,571 ------------------------- Fully diluted weighted average common shares outstanding 327,917 347,367 ========================= FULLY DILUTED EARNINGS PER COMMON SHARE $.80 $.69 =====================================================================================================================