1
EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in millions, except per share amounts)
Three months ended June 30, Six months ended June 30,
---------------------------- --------------------------
1996 1995 1996 1995
------------ ---------- ---------- --------
NET INCOME APPLICABLE TO COMMON SHARES
Net income $ 217 $ 199 $ 425 $ 409
Less: Preferred dividend requirements 4 4 8 8
-------- -------- -------- --------
Net income applicable to Common Shares $ 213 $ 195 $ 417 $ 401
======== ======== ======== ========
NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding (000) 231,341 235,329 232,220 237,651
======== ======== ======== ========
Net income applicable to Common Shares $ 213 $ 195 $ 417 $ 401
======== ======== ======== ========
Net income per Common Share $ .92 $ .83 $ 1.80 $ 1.69
======== ======== ======== ========
NET INCOME PER COMMON SHARE--PRIMARY
Weighted average Common Shares outstanding (000) 231,341 235,329 232,220 237,651
Dilutive common stock options (000)1 3,393 1,775 3,358 1,671
-------- -------- -------- --------
Weighted average Common Shares and Common Share
equivalents outstanding (000) 234,734 237,104 235,578 239,322
======== ======== ======== ========
Net income applicable to Common Shares $ 213 $ 195 $ 417 $ 401
======== ======== ======== ========
Net income per Common Share $ .91 $ .82 $ 1.77 $ 1.67
======== ======== ======== ========
NET INCOME PER COMMON SHARE--FULLY DILUTED
Weighted average Common Shares outstanding (000) 231,341 235,329 232,220 237,651
Dilutive common stock options (000)1 3,398 2,429 3,620 2,457
-------- -------- -------- --------
Weighted average Common Shares and Common Share
equivalents outstanding (000) 234,739 237,758 235,840 240,108
======== ======== ======== ========
Net income applicable to Common Shares $ 213 $ 195 $ 417 $ 401
======== ======== ======== ========
Net income per Common Share $ .91 $ .82 $ 1.77 $ 1.67
======== ======== ======== ========
<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.
44