1 F.N.B. CORPORATION STATEMENT RE COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11 Dollars in thousands YEAR ENDED DECEMBER 31 1996 1995 1994 --------- --------- ---------- PRIMARY Net Income $ 18,433 $ 18,083 $ 13,545 Less: Preferred Stock Dividends Declared (766) (849) (853) --------- --------- ---------- Net Income Applicable to Common Stock $ 17,667 $ 17,234 $ 12,692 ========= ========= ========== Average Common Shares Outstanding 9,087,941 9,025,482 8,997,329 Net Effect of Dilutive Stock Options Based on the Treasury Stock Method Using Average Market Price 85,373 42,338 46,332 --------- --------- ---------- 9,173,314 9,067,820 9,043,661 ========= ========= ========== Net Income per Common Share $1.93 $1.90 $1.40 ===== ===== ===== FULLY DILUTED Net Income $ 18,433 $ 18,083 $ 13,545 Plus: Minority Interest 64 --------- --------- ---------- Net Income Applicable to Common Stock $ 18,433 $ 18,083 $ 13,609 ========= ========= ========== Average Common Shares Outstanding 9,087,941 9,025,482 8,997,329 Series A Convertible Preferred Stock 27,178 32,705 41,704 Series B Convertible Preferred Stock 792,360 879,902 883,454 Minority Interest Convertible Preferred Stock 33,620 Net Effect of Dilutive Stock Options Based on the Treasury Stock Method Using the Year-End Market Price, If Higher than Average Market Price 87,402 50,258 49,122 --------- --------- ---------- 9,994,881 9,988,348 10,005,229 ========= ========= ========== Net Income per Common Share $1.84 $1.81 $1.36 ===== ===== =====