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EXHIBIT 11
PNC BANK CORP.
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
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In thousands, except per share data Three months ended Six months ended
June 30 June 30
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1994 1993 1994 1993
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PRIMARY AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 235,320 233,635 235,093 233,347
Weighted average common shares to be issued
using average market price and assuming:
Exercise of stock options 1,921 2,830 1,881 2,769
Exercise of warrants 96 98
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Primary weighted average common shares outstanding 237,241 236,561 236,974 236,241
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FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 235,320 233,635 235,093 233,347
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 223 258 232 262
Conversion of preferred stock Series C 684 760 694 773
Conversion of preferred stock Series D 864 965 869 989
Conversion of debentures 73 88 74 90
Exercise of stock options 1,921 2,948 1,925 2,985
Exercise of warrants 97 99
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Fully diluted weighted average 239,086 238,751 238,887 238,545
common shares outstanding
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PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in
accounting principles $187,845 $169,142 $393,534 $356,153
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393)
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Net income 187,845 169,142 393,534 336,760
Less: Preferred dividends declared 410 459 829 971
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Net income applicable to primary earnings
per common share $187,435 $168,683 $392,705 $335,789
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Primary before cumulative effect of
changes in accounting principles $.79 $.71 $1.66 $1.50
Cumulative effect of changes in
accounting principles (.08)
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Primary earnings per common share $.79 $.71 $1.66 $1.42
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FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of changes
in accounting principles $187,845 $169,142 $393,534 $356,153
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393)
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Net income 187,845 168,142 393,534 336,760
Add: Interest expense on convertible
debentures (net of tax) 13 15 25 31
Less: Dividends declared on non-convertible
preferred stock 34
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Net income applicable to fully diluted
earnings per common share $187,858 $169,157 $393,559 $336,757
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Fully diluted before cumulative effect
of changes in accounting principles $.79 $.71 $1.65 $1.49
Cumulative effect of changes in
accounting principles (.08)
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Fully diluted earnings per common share $.79 $.71 $1.65 $1.41
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