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EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
PNC BANK CORP. AND SUBSIDIARIES
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Year Ended December 31
In Thousands, except per share data 1994 1993 1992
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PRIMARY AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 234,960 233,782 221,408
Weighted average common shares to be issued
using average market price and assuming:
Exercise of stock options 1,650 2,556 2,498
Exercise of warrants 48 117
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Primary weighted average common shares 236,610 236,386 224,023
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FULLY DILUTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average shares of common stock outstanding 234,960 233,782 221,408
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 225 256 296
Conversion of preferred stock Series C 681 748 870
Conversion of preferred stock Series D 859 946 1,186
Conversion of debentures 73 85 206
Exercise of stock options 1,650 2,556 3,037
Exercise of warrants 48 122
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Fully diluted weighted average common
shares outstanding 238,448 238,421 227,125
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PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in
accounting principles $610,062 $745,263 $529,440
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393) (102,501)
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Net income $610,062 $725,870 $426,939
Add: ESOP dividends tax benefit 2,680
Less: Preferred dividends declared 1,632 1,832 3,056
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Net income applicable to primary earnings
per common share $608,430 $724,038 $426,563
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Primary before cumulative effect of
changes in accounting principles $2.57 $3.14 $2.36
Cumulative effect of changes in
accounting principles (.08) (.46)
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Primary earnings per common share $2.57 $3.06 $1.90
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FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of changes
in accounting principles $610,062 $745,263 $529,440
Cumulative effect of changes in
accounting principles,
net of tax benefit of $5,343 (19,393) (102,501)
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Net income $610,062 $725,870 $426,939
Add: Interest expense on convertible
debentures (net of tax) 50 57 142
ESOP dividends tax benefit 2,680
Less: Dividends declared on non-convertible
preferred stock 34 879
Convertible preferred dividends
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Net income applicable to fully diluted
earnings per common share $610,112 $725,893 $428,882
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Fully diluted before cumulative effect
of changes in accounting principles $2.56 $3.13 $2.34
Cumulative effect of changes in
accounting principles (.09) (.45)
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Fully diluted earnings per common share $2.56 $3.04 $1.89
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With respect to the 1990 fully diluted earnings per share calculation,
preferred stock series C and D, and the convertible debentures were excluded
since the conversion of these securities would have the effect of increasing
the earnings per share amount for the year.