XML 141 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER SHARE (Notes)
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
The following table presents our basic and diluted earnings per share (“EPS”) for the years ended December 31, 2013, 2012 and 2011:
 
Year Ended December 31,
2013
 
2012
 
2011
(in thousands, except per share amounts)
Basic EPS Calculation:
 
 
 
 
 
Numerator
 
 
 
 
 
Income (loss) from continuing operations attributable to Key
$
(21,768
)
 
$
101,190

 
$
112,142

Loss from discontinued operations, net of tax
—

 
(93,568
)
 
(10,681
)
Income (loss) attributable to Key
$
(21,768
)
 
$
7,622

 
$
101,461

Denominator
 
 
 
 
 
Weighted average shares outstanding
152,271

 
151,106

 
145,909

Basic earnings (loss) per share from continuing operations attributable to Key
$
(0.14
)
 
$
0.67

 
$
0.77

Basic loss per share from discontinued operations
—

 
(0.62
)
 
(0.07
)
Basic earnings (loss) per share attributable to Key
$
(0.14
)
 
$
0.05

 
$
0.70

Diluted EPS Calculation:
 
 
 
 
 
Numerator
 
 
 
 
 
Income (loss) from continuing operations attributable to Key
$
(21,768
)
 
$
101,190

 
$
112,142

Loss from discontinued operations, net of tax
—

 
(93,568
)
 
(10,681
)
Income (loss) attributable to Key
$
(21,768
)
 
$
7,622

 
$
101,461

Denominator
 
 
 
 
 
Weighted average shares outstanding
152,271

 
151,106

 
145,909

Stock options
—

 
19

 
201

Warrants
—

 
—

 
48

Stock appreciation rights
—

 
—

 
59

Total
152,271

 
151,125

 
146,217

Diluted earnings (loss) per share from continuing operations attributable to Key
$
(0.14
)
 
$
0.67

 
$
0.76

Diluted loss per share from discontinued operations
—

 
(0.62
)
 
(0.07
)
Diluted earnings (loss) per share attributable to Key
$
(0.14
)
 
$
0.05

 
$
0.69


Stock options, warrants and SARs are included in the computation of diluted earnings per share using the treasury stock method. Restricted stock awards are legally considered issued and outstanding when granted and are included in basic weighted average shares outstanding. The diluted earnings per share calculation for the year ended December 31, 2013 exclude the potential exercise of 1.7 million stock options and 0.3 million SARs due to net losses from continuing operations. December 31, 2012 and 2011 excludes the potential exercise of 2.0 million and 1.3 million stock options, respectively, because the effect would be anti-dilutive due to the exercise prices exceeding the average price of our stock. The diluted earnings per share calculation for the year ended December 31, 2012 also excluded the potential exercise of 0.4 million SARs, because the effects of such exercises on earnings per share would be anti-dilutive. None of our SARs were anti-dilutive for the year ended December 31, 2011.
There have been no material changes in share amounts subsequent to the balance sheet date that would have a material impact on the earnings per share calculation for the year ended December 31, 2013. However, we issued 0.9 million shares of restricted stock on January 30, 2014.