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EXHIBIT 11
KEYCORP
COMPUTATION OF NET INCOME PER COMMON SHARE
(dollars in millions, except per share amounts)
Three months ended Sept. 30, Nine months ended Sept. 30,
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1997 1996 1997 1996
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NET INCOME APPLICABLE TO COMMON SHARES
Net income $236 $207 $671 $632
Less: Preferred dividend requirements -- -- -- 8
---------------- ---------------- ---------------- ----------------
Net income applicable to Common Shares $236 $207 $671 $624
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NET INCOME PER COMMON SHARE
Weighted average Common Shares outstanding (000) 218,107 229,668 219,570 231,363
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Net income applicable to Common Shares $236 $207 $671 $624
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Net income per Common Share $1.08 $.90 $3.06 $2.70
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NET INCOME PER COMMON SHARE -- PRIMARY
Weighted average Common Shares outstanding (000) 218,107 229,668 219,570 231,363
Dilutive common stock options (000)1 4,744 3,280 4,204 3,332
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 222,851 232,948 223,774 234,695
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Net income applicable to Common Shares $236 $207 $671 $624
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Net income per Common Share $1.06 $.89 $3.00 $2.66
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NET INCOME PER COMMON SHARE -- FULLY DILUTED
Weighted average Common Shares outstanding (000) 218,107 229,668 219,570 231,363
Dilutive common stock options (000)1 5,114 3,940 5,145 4,305
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Weighted average Common Shares and Common Share
equivalents outstanding (000) 223,221 233,608 224,715 235,668
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Net income applicable to Common Shares $236 $207 $671 $624
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Net income per Common Share $1.06 $.88 $2.99 $2.65
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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.
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