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EXHIBIT 11
PNC BANK CORP. AND SUBSIDIARIES
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
In thousands, except per share data 1996 1995 1994
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CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE
Income before cumulative effect of change in accounting principle $992,226 $408,060 $891,456
Cumulative effect of change in accounting principle, net of tax benefits of $4,598 (7,528)
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Net income 992,226 408,060 883,928
Less: Preferred dividends declared 5,480 3,327 6,163
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Net income applicable to primary earnings per common share $986,746 $404,733 $877,765
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Weighted average common shares outstanding 338,636 336,455 342,308
Weighted average common shares to be issued using average market price and assuming:
Exercise of stock options 1,610 2,679 2,906
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Primary weighted average common shares outstanding 340,246 339,134 345,214
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PRIMARY EARNINGS PER COMMON SHARE
Primary before cumulative effect of change in accounting principle $2.90 $1.19 $2.56
Cumulative effect of change in accounting principle (.02)
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Primary earnings per common share $2.90 $1.19 $2.54
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CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of change in accounting principle $992,226 $408,060 $891,456
Cumulative effect of change in accounting principle, net of tax benefit of $4,598 (7,528)
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Net income 992,226 408,060 883,928
Add: Interest expense on convertible debentures (net of tax) 3,416 3,842 4,012
Less: Dividends declared on non-convertible preferred stock 4,084 1,813 4,531
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Net income applicable to fully diluted earnings per common share $991,558 $410,089 $883,409
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Weighted average shares of common stock outstanding 338,636 336,455 342,308
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 173 198 225
Conversion of preferred stock Series C 562 616 681
Conversion of preferred stock Series D 759 815 859
Conversion of debentures 2,790 3,105 3,228
Exercise of stock options 2,434 3,733 2,917
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Fully diluted weighted average common shares outstanding 345,354 344,922 350,218
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FULLY DILUTED EARNINGS PER COMMON SHARE
Fully diluted before cumulative effect of change in accounting principle $2.87 $1.19 $2.54
Cumulative effect of change in accounting principle (.02)
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Fully diluted earnings per common share $2.87 $1.19 $2.52
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