EXHIBIT 11 PNC BANK CORP. AND SUBSIDIARIES 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 1997 1996 1997 1996 - ----------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Net income $259,075 $248,050 $525,384 $486,370 Less: Preferred dividends declared 4,870 350 9,744 708 --------------------------------------------------- Net income applicable to primary earnings per common share $254,205 $247,700 $515,640 $485,662 --------------------------------------------------- Weighted average shares of common stock outstanding 310,303 341,618 316,146 341,510 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,665 1,404 1,792 1,439 --------------------------------------------------- Primary weighted average common shares outstanding 311,968 343,022 317,938 342,949 =================================================== PRIMARY EARNINGS PER COMMON SHARE $.81 $.72 $1.62 $1.42 =================================================== CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Net income $259,075 $248,050 $525,384 $486,370 Add: Interest expense on convertible debentures (net of tax) 758 865 1,527 1,723 Less: Dividends declared on non-convertible preferred stock 4,538 9,075 --------------------------------------------------- Net income applicable to fully diluted earnings per common share $255,295 $248,915 $517,836 $488,093 --------------------------------------------------- Weighted average shares of common stock outstanding 310,303 341,618 316,146 341,510 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 164 174 166 177 Conversion of preferred stock Series C 534 566 538 570 Conversion of preferred stock Series D 722 760 727 768 Conversion of debentures 2,466 2,821 2,485 2,842 Exercise of stock options 1,688 1,404 1,829 1,439 --------------------------------------------------- Fully diluted weighted average common shares outstanding 315,877 347,343 321,891 347,306 =================================================== FULLY DILUTED EARNINGS PER COMMON SHARE $.81 $.72 $1.61 $1.41 =======================================================================================================================