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EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
PNC BANK CORP. AND SUBSIDIARIES
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IN THOUSANDS, EXCEPT PER SHARE DATA THREE MONTHS ENDED MARCH 31 1994 1993
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PRIMARY AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding $234,863 $233,056
Weighted average common shares to be issued
using average market price and assuming:
Exercise of stock options 1,835 2,759
Exercise of warrants 99
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Primary weighted average common shares outstanding 236,698 235,914
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FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 234,863 233,056
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 241 267
Conversion of preferred stock Series C 705 787
Conversion of preferred stock Series D 873 1,013
Conversion of debentures 75 91
Exercise of stock options 1,835 3,120
Exercise of warrants 101
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Fully diluted weighted average
common shares outstanding 238,592 238,435
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PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in
accounting principles $205,689 $187,011
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393)
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Net income 205,689 167,618
Less: Preferred dividends declared 419 512
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Net income applicable to primary earnings
per common share $205,270 $167,106
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Primary before cumulative effect of
changes in accounting principles $.87 $.79
Cumulative effect of changes in
accounting principles (.08)
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Primary earnings per common share $.87 $.71
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FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of changes
in accounting principles $205,689 $187,011
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393)
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Net income 205,689 167,618
Add: Interest expense on convertible
debentures (net of tax) 12 16
Less: Dividends declared on non-convertible
preferred stock 34
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Net income applicable to fully diluted
earnings per common share $205,701 $167,600
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Fully diluted before cumulative effect
of changes in accounting principles $.86 $.78
Cumulative effect of changes in
accounting principles (.08)
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Fully diluted earnings per common share $.86 $.70
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