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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,
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1997 1996 1997 1996
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NET INCOME APPLICABLE TO COMMON SHARES
Net income $ 223 $ 217 $ 435 $ 425
Less: Preferred dividend requirements -- 4 -- 8
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Net income applicable to Common Shares $ 223 $ 213 $ 435 $ 417
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NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding (000) 218,973 231,341 220,314 232,220
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Net income applicable to Common Shares $ 223 $ 213 $ 435 $ 417
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Net income per Common Share $ 1.02 $ .92 $ 1.98 $ 1.80
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NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding (000) 218,973 231,341 220,314 232,220
Dilutive common stock options (000)(1) 3,788 3,393 3,931 3,358
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 222,761 234,734 224,245 235,578
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Net income applicable to Common Shares $ 223 $ 213 $ 435 $ 417
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Net income per Common Share $ 1.00 $ .91 $ 1.94 $ 1.77
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NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding (000) 218,973 231,341 220,314 232,220
Dilutive common stock options (000)(1) 4,168 3,398 4,362 3,620
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 223,141 234,739 224,676 235,840
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Net income applicable to Common Shares $ 223 $ 213 $ 435 $ 417
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Net income per Common Share $ 1.00 $ .91 $ 1.94 $ 1.77
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<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.