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EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in millions, except per share amounts)
Three months ended March 31,
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1997 1996
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NET INCOME APPLICABLE TO COMMON SHARES
Net income $ 212 $ 208
Less: Preferred dividend requirements -- 4
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Net income applicable to Common Shares $ 212 $ 204
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NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding (000) 221,670 233,100
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Net income applicable to Common Shares $ 212 $ 204
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Net income per Common Share $ .96 $ .88
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NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding (000) 221,670 233,100
Dilutive common stock options (000)(1) 4,074 3,321
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 225,744 236,421
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Net income applicable to Common Shares $ 212 $ 204
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Net income per Common Share $ .94 $ .86
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NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding (000) 221,670 233,100
Dilutive common stock options (000)(1) 4,082 3,842
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 225,752 236,942
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Net income applicable to Common Shares $ 212 $ 204
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Net income per Common Share $ .94 $ .86
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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.
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