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EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
PNC BANK CORP. AND SUBSIDIARIES
Year ended December 31
In thousands, except per share data 1995 1994 1993 1992 1991
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CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in accounting
principles $408,060 $891,456 $878,948 $536,468 $(153,517)
Cumulative effect of changes in accounting principles,
net of tax benefits of $4,598, $5,343 and $77,458 (7,528) 19,569 (148,287)
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Net income 408,060 883,928 898,517 388,181 (153,517)
Add: ESOP dividends tax benefit 2,680 1,985
Less: Preferred dividends declared 3,327 6,163 5,458 6,728 7,107
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Net income applicable to primary earnings per common $404,733 $877,765 $893,059 $384,133 $(158,639)
share
Weighted average shares of common stock outstanding 336,455 342,308 336,485 305,819 273,467
Weighted average common shares to be issued using
average market price and assuming:
Exercise of stock options 2,679 2,906 4,286 3,304
Exercise of warrants 48 117
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Primary weighted average common shares outstanding 339,134 345,214 340,819 309,240 273,467
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PRIMARY EARNINGS PER COMMON SHARE
Primary before cumulative effect of changes in
accounting principles $1.19 $2.56 $2.56 $1.72 $(.58)
Cumulative effect of changes in accounting principles (.02) .06 (.48)
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Primary earnings per common share $1.19 $2.54 $2.62 $1.24 $(.58)
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CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of changes in accounting
principles $408,060 $891,456 $878,948 $536,468 $(153,517)
Cumulative effect of changes in accounting principles,
net of tax benefit of $4,598, $5,343 and $77,458 (7,528) 19,569 (148,287)
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Net income 408,060 883,928 898,517 388,181 (153,517)
Add: Interest expense on convertible debentures 3,842 4,012 4,141 4,226
(net of tax)
ESOP dividends tax benefit 2,680 1,985
Less: Dividends declared on non-convertible preferred
stock 1,813 4,531 3,660 4,551 4,691
Dividends declared on convertible preferred stock 2,416
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Net income applicable to fully diluted earnings per
common share $410,089 $883,409 $898,998 $390,536 $(158,639)
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Weighted average shares of common stock outstanding 336,455 342,308 336,485 305,819 273,467
Weighted average commons 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 198 225 256 296
Conversion of preferred stock Series C 616 681 748 870
Conversion of preferred stock Series D 815 859 946 1,186
Conversion of debentures 3,105 3,228 3,289 3,410
Exercise of stock options 3,733 2,917 4,415 4,632
Exercise of warrants 48 122
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Fully diluted weighted average common shares
outstanding 344,922 350,218 346,187 316,335 273,467
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FULLY DILUTED EARNINGS PER COMMON SHARE
Fully diluted before cumulative effect of changes in
accounting principles $1.19 $2.54 $2.54 $1.70 $(.58)
Cumulative effect of changes in accounting principles (.02) .06 (.47)
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Fully diluted earnings per common share $1.19 $2.52 $2.60 $1.23 $(.58)
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