1
EXHIBIT 12
KEYCORP
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN MILLIONS)
(UNAUDITED)
YEAR ENDED DECEMBER 31,
------------------------------------------
2000 1999 1998 1997 1996
------ ------ ------ ------ ------
COMPUTATION OF EARNINGS
Net income.................................................. $1,002 $1,107 $ 996 $ 919 $ 783
Add: Provision for income taxes............................. 515 577 483 426 360
------ ------ ------ ------ ------
Income before income taxes.............................. 1,517 1,684 1,479 1,345 1,143
Fixed charges, excluding interest on deposits............... 1,820 1,649 1,517 1,085 810
------ ------ ------ ------ ------
Total earnings for computation, excluding interest on
deposits............................................. 3,337 3,333 2,996 2,430 1,953
Interest on deposits........................................ 1,768 1,305 1,359 1,462 1,469
------ ------ ------ ------ ------
Total earnings for computation, including interest on
deposits............................................. $5,105 $4,638 $4,355 $3,892 $3,422
====== ====== ====== ====== ======
COMPUTATION OF FIXED CHARGES
Net rental expense.......................................... $ 146 $ 173 $ 139 $ 123 $ 126
====== ====== ====== ====== ======
Portion of net rental expense deemed representative of
interest.................................................. $ 41 $ 46 $ 35 $ 30 $ 42
Interest on short-term borrowed funds....................... 715 646 801 642 492
Interest on long-term debt, including capital securities.... 1,064 957 681 413 276
------ ------ ------ ------ ------
Total fixed charges, excluding interest on deposits..... 1,820 1,649 1,517 1,085 810
Interest on deposits........................................ 1,768 1,305 1,359 1,462 1,469
------ ------ ------ ------ ------
Total fixed charges, including interest on deposits..... $3,588 $2,954 $2,876 $2,547 $2,279
====== ====== ====== ====== ======
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Preferred stock dividend requirement on a pre-tax basis..... -- -- -- -- $ 12
Total fixed charges, excluding interest on deposits......... $1,820 $1,649 $1,517 $1,085 810
------ ------ ------ ------ ------
Combined fixed charges and preferred stock dividends,
excluding interest on deposits....................... 1,820 1,649 1,517 1,085 822
Interest on deposits........................................ 1,768 1,305 1,359 1,462 1,469
------ ------ ------ ------ ------
Combined fixed charges and preferred stock dividends,
including interest on deposits....................... $3,588 $2,954 $2,876 $2,547 $2,291
====== ====== ====== ====== ======
RATIO OF EARNINGS TO FIXED CHARGES
Excluding deposit interest.................................. 1.83X 2.02x 1.97x 2.24x 2.41x
Including deposit interest.................................. 1.42X 1.57x 1.51x 1.53x 1.50x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Excluding deposit interest.................................. 1.83X 2.02x 1.97x 2.24x 2.38x
Including deposit interest.................................. 1.42X 1.57x 1.51x 1.53x 1.49x
15