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PNC BANK CORP. AND SUBSIDIARIES EXHIBIT 11
CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER COMMON SHARE
Three months ended March 31 - in thousands, except per share data 1997 1996
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CALCULATION OF PRIMARY EARNINGS PER COMMON SHARE
Net income $266,309 $238,320
Less: Preferred dividends declared 4,875 358
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Net income applicable to primary earnings per common share $261,434 $237,962
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Weighted average shares of common stock outstanding 322,054 341,402
Weighted average common shares to be issued using average market price and assuming:
Exercise of stock options 1,918 1,470
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Primary weighted average common shares outstanding 323,972 342,872
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PRIMARY EARNINGS PER COMMON SHARE $.81 $.69
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CALCULATION OF FULLY DILUTED EARNINGS PER COMMON SHARE
Net income $266,309 $238,320
Add: Interest expense on convertible debentures (net of tax) 769 859
Less: Dividends declared on non-convertible preferred stock 4,537
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Net income applicable to fully diluted earnings per common share $262,541 $239,179
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Weighted average shares of common stock outstanding 322,054 341,402
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 167 180
Conversion of preferred stock Series C 542 574
Conversion of preferred stock Series D 731 777
Conversion of debentures 2,505 2,863
Exercise of stock options 1,918 1,571
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Fully diluted weighted average common shares outstanding 327,917 347,367
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FULLY DILUTED EARNINGS PER COMMON SHARE $.80 $.69
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