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 ---------------------------------------------------- In thousands, except per share data 1997 1996 1997 1996 - ------------------------------------------------------------------------------------------------------------------------------- CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE Net income $261,595 $233,953 $786,979 $720,323 Less: Preferred dividends declared 4,860 347 14,604 1,055 --------------------------------------------------- Net income applicable to primary earnings per common share $256,735 $233,606 $772,375 $719,268 --------------------------------------------------- Weighted average shares of common stock outstanding 306,264 339,074 312,816 340,692 Weighted average common shares to be issued using average market price and assuming: Exercise of stock options 1,785 1,461 1,787 1,450 --------------------------------------------------- Primary weighted average common shares outstanding 308,049 340,535 314,603 342,142 =================================================== PRIMARY EARNINGS PER COMMON SHARE $.83 $.69 $2.46 $2.10 =================================================== CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE Net income $261,595 $233,953 $786,979 $720,323 Add: Interest expense on convertible debentures (net of tax) 755 850 2,282 2,574 Less: Dividends declared on non-convertible preferred stock 4,537 13,612 --------------------------------------------------- Net income applicable to fully diluted earnings per common share $257,813 $234,803 $775,649 $722,897 --------------------------------------------------- Weighted average shares of common stock outstanding 306,264 339,074 312,816 340,692 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 162 170 164 175 Conversion of preferred stock Series C 525 559 534 566 Conversion of preferred stock Series D 702 756 718 764 Conversion of debentures 2,444 2,748 2,471 2,811 Exercise of stock options 2,156 1,866 2,337 1,950 --------------------------------------------------- Fully diluted weighted average common shares outstanding 312,253 345,173 319,040 346,958 =================================================== FULLY DILUTED EARNINGS PER COMMON SHARE $.83 $.68 $2.43 $2.08 ===============================================================================================================================