1
EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in thousands, except per share amounts)
Three months ended September 30, Nine months ended September 30,
-------------------------------- -------------------------------
1995 1994 1995 1994
------------- ------------- ------------- -------------
NET INCOME APPLICABLE TO COMMON SHARES
Net income $209,646 $229,328 $618,311 $659,730
Less: Preferred dividend requirements 4,000 4,000 12,000 12,000
------------- ------------- ------------- -------------
Net income applicable to Common Shares $205,646 $225,328 $606,311 $647,730
============= ============= ============= =============
NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding 228,187,105 244,132,128 234,461,924 243,635,197
============= ============= ============= =============
Net income applicable to Common Shares $205,646 $225,328 $606,311 $647,730
============= ============= ============= =============
Net income per Common Share $.90 $.92 $2.59 $2.66
============= ============= ============= =============
NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding 228,187,105 244,132,128 234,461,924 243,635,197
Dilutive common stock options (1) 2,359,502 2,813,300 1,903,072 2,672,647
------------- ------------- ------------- -------------
Weighted average Common Shares and Common Share
equivalents outstanding 230,546,607 246,945,428 236,364,996 246,307,844
============= ============= ============= =============
Net income applicable to Common Shares $205,646 $225,328 $606,311 $647,730
============= ============= ============= =============
Net income per Common Share $.89 $.91 $2.57 $2.63
============= ============= ============= =============
NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding 228,187,105 244,132,128 234,461,924 243,635,197
Dilutive common stock options (1) 2,970,326 2,813,804 3,104,555 2,675,110
------------- ------------- ------------- -------------
Weighted average Common Shares and Common Share
equivalents outstanding 231,157,431 246,945,932 237,566,479 246,310,307
============= ============= ============= =============
Net income applicable to Common Shares $205,646 $225,328 $606,311 $647,730
============= ============= ============= =============
Net income per Common Share $.89 $.91 $2.55 $2.63
============= ============= ============= =============
<FN>
(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.
</FN>
45