1
EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in thousands, except per share amounts)
Three months ended June 30, Six months ended June 30,
--------------------------- ---------------------------
1994 1993 1994 1993
----------- ----------- ----------- -----------
NET INCOME APPLICABLE TO COMMON SHARES
Net income $221,765 $196,888 $430,402 $386,762
Less: Preferred dividend requirements 4,000 4,450 8,000 9,939
----------- ----------- ----------- -----------
Net income applicable to Common Shares $217,765 $192,438 $422,402 $376,823
=========== =========== =========== ===========
NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding 244,823,153 239,531,988 243,382,552 238,733,270
=========== =========== =========== ===========
Net income applicable to Common Shares $217,765 $192,438 $422,402 $376,823
=========== =========== =========== ===========
Net income per Common Share $0.89 $0.81 $1.74 $1.58
=========== =========== =========== ===========
NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding 244,823,153 239,531,988 243,382,552 238,733,270
Dilutive common stock options 2,843,675 1,735,847 2,601,154 1,907,348
----------- ----------- ----------- -----------
Weighted average Common Shares and Common Share
equivalents outstanding 247,666,828 241,267,835 245,983,706 240,640,618
=========== =========== =========== ===========
Net income applicable to Common Shares $217,765 $192,438 $422,402 $376,823
=========== =========== =========== ===========
Net income per Common Share $0.88 $0.80 $1.72 $1.57
=========== =========== =========== ===========
NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding 244,823,153 239,531,988 243,382,552 238,733,270
Dilutive common stock options 2,848,519 2,191,299 2,758,357 2,260,734
----------- ----------- ----------- -----------
Weighted average Common Shares and Common Share
equivalents outstanding 247,671,672 241,723,287 246,140,909 240,994,004
=========== =========== =========== ===========
Net income applicable to Common Shares $217,765 $192,438 $422,402 $376,823
=========== =========== =========== ===========
Net income per Common Share $0.88 $0.80 $1.72 $1.56
=========== =========== =========== ===========
<FN>
DILUTIVE COMMON STOCK OPTIONS ARE BASED ON THE TREASURY STOCK METHOD USING
AVERAGE MARKET PRICE IN COMPUTING NET INCOME PER COMMON SHARE -- PRIMARY, AND
THE HIGHER OF PERIOD-END MARKET PRICE OR AVERAGE MARKET PRICE IN COMPUTING NET
INCOME PER COMMON SHARE -- FULLY DILUTED.