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EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in thousands, except per share amounts)
Three months ended March 31,
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1995 1994
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Net income applicable to Common Shares
Net income $209,701 $208,637
Less: Preferred dividend requirements 4,000 4,000
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Net income applicable to Common Shares $205,701 $204,637
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Net income per Common Share
Weighted average Common Shares outstanding 239,999,198 241,925,802
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Net income applicable to Common Shares $205,701 $204,637
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Net income per Common Share $.86 $.85
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Net income per Common Share -- primary
Weighted average Common Shares outstanding 239,999,198 241,925,802
Dilutive common stock options(1) 1,565,879 2,355,939
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Weighted average Common Shares and Common Share
equivalents outstanding 241,565,077 244,281,741
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Net income applicable to Common Shares $205,701 $204,637
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Net income per Common Share $.85 $.84
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Net income per Common Share -- fully diluted
Weighted average Common Shares outstanding 239,999,198 241,925,802
Dilutive common stock options(1) 1,660,726 2,357,998
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Weighted average Common Shares and Common Share
equivalents outstanding 241,659,924 244,283,800
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Net income applicable to Common Shares $205,701 $204,637
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Net income per Common Share $.85 $.84
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(1) 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.