Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (adjusted for dividends declared on our preferred stock) available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and other stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive.

Our basic and diluted earnings per Common Share are calculated as follows:


	Three months ended March 31,
Dollars in millions, except per share amounts	2024		2023
EARNINGS
Income (loss) from continuing operations	$	219	$	311
Less: Net income (loss) attributable to noncontrolling interests	—		—
Income (loss) from continuing operations attributable to Key	219		311
Less: Dividends on Preferred Stock	36		36
Income (loss) from continuing operations attributable to Key common shareholders	183		275
Income (loss) from discontinued operations, net of taxes	—		1
Net income (loss) attributable to Key common shareholders	$	183	$	276
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)	929,692		926,490
Effect of Common Share options and other stock awards	7,319		7,314
Weighted-average Common Shares and potential Common Shares outstanding (000) (a)	937,011		933,804
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders	$	.20	$	.30
Income (loss) from discontinued operations, net of taxes	—		—
Net income (loss) attributable to Key common shareholders (b)	.20		.30

Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution	$	.20	$	.30
Income (loss) from discontinued operations, net of taxes — assuming dilution	—		—
Net income (loss) attributable to Key common shareholders — assuming dilution (b)	.20		.30

(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.

(b)EPS may not foot due to rounding.