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,
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2004 2003 2002 2001 2000
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COMPUTATION OF EARNINGS
Net income $ 954 $ 903 $ 976 $ 132 $1,002
Add: Provision for income taxes 434 339 336 102 515
Less: Cumulative effect of accounting changes, net of tax - - - (25) -
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Income before income taxes and
cumulative effect of accounting changes 1,388 1,242 1,312 259 1,517
Fixed charges, excluding interest on deposits 536 573 747 1,367 1,820
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Total earnings for computation,
excluding interest on deposits 1,924 1,815 2,059 1,626 3,337
Interest on deposits 677 703 897 1,478 1,768
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Total earnings for computation,
including interest on deposits $2,601 $2,518 $2,956 $ 3,104 $5,105
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COMPUTATION OF FIXED CHARGES
Net rental expense $ 130 $ 131 $ 142 $ 145 $ 146
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Portion of net rental expense deemed
representative of interest $ 32 $ 31 $ 27 $ 43 $ 41
Interest on short-term borrowed funds 102 110 169 500 715
Interest on long-term debt, including capital securities 402 432 551 824 1,064
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Total fixed charges, excluding interest
on deposits 536 573 747 1,367 1,820
Interest on deposits 677 703 897 1,478 1,768
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Total fixed charges, including interest
on deposits $1,213 $1,276 $1,644 $ 2,845 $3,588
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COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Preferred stock dividend requirement on
a pre-tax basis - - - - -
Total fixed charges, excluding interest on deposits $ 536 $ 573 $ 747 $ 1,367 $1,820
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Combined fixed charges and preferred stock
dividends, excluding interest on deposits 536 573 747 1,367 1,820
Interest on deposits 677 703 897 1,478 1,768
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Combined fixed charges and preferred stock
dividends, including interest on deposits $1,213 $1,276 $1,644 $ 2,845 $3,588
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RATIO OF EARNINGS TO FIXED CHARGES
Excluding deposit interest 3.59 x 3.17 x 2.76 x 1.19 x 1.83 x
Including deposit interest 2.14 x 1.97 x 1.80 x 1.09 x 1.42 x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
Excluding deposit interest 3.59 x 3.17 x 2.76 x 1.19 x 1.83 x
Including deposit interest 2.14 x 1.97 x 1.80 x 1.09 x 1.42 x