1 EXHIBIT 11 PNC BANK CORP. AND SUBSIDIARIES CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE Three months ended March 31 In thousands, except per share data 1995 1994 - ------------------------------------------------------------------------------------------ PRIMARY WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 231,408 234,863 Weighted average common shares to be issued using average market price and assuming exercise of stock options 1,181 1,835 ---------------------------- Primary weighted average common shares outstanding 232,589 236,698 ============================ FULLY DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Weighted average shares of common stock outstanding 231,408 234,863 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 208 241 Conversion of preferred stock Series C 651 705 Conversion of preferred stock Series D 833 873 Conversion of debentures 69 75 Exercise of stock options 1,294 1,835 ---------------------------- Fully diluted weighted average common shares outstanding 234,463 238,592 ============================ PRIMARY EARNINGS PER COMMON SHARE Net income $125,651 $205,689 Less: Preferred dividends declared 393 419 ---------------------------- Net income applicable to primary earnings per common share $125,258 $205,270 Primary earnings per common share $.54 $.87 ============================ FULLY DILUTED EARNINGS PER COMMON SHARE Net income $125,651 $205,689 Add: Interest expense on convertible debentures (net of tax) 11 12 ---------------------------- Net income applicable to fully diluted earnings per common share $125,662 $205,701 Fully diluted earnings per common share $.54 $.86 - ------------------------------------------------------------------------------------------