EX-12 9 l84408aex12.txt EXHIBIT 12 1 EXHIBIT (12) KEYCORP COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollars in millions) (unaudited)
NINE MONTHS ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, ------------------ --------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ ------ ------ COMPUTATION OF EARNINGS Net income $ 736 $ 843 $1,107 $ 996 $ 919 $ 783 $ 825 Add: Provision for income taxes 384 432 577 483 426 360 368 Less: Extraordinary net gain -- -- -- -- -- -- 36 ------ ------ ------ ------ ------ ------ ------ Income before income taxes and extraordinary net gain 1,120 1,275 1,684 1,479 1,345 1,143 1,157 Fixed charges, excluding interest on deposits 1,352 1,200 1,649 1,517 1,085 810 819 ------ ------ ------ ------ ------ ------ ------ Total earnings for computation, excluding interest on deposits 2,472 2,475 3,333 2,996 2,430 1,953 1,976 Interest on deposits 1,275 955 1,305 1,359 1,462 1,469 1,705 ------ ------ ------ ------ ------ ------ ------ Total earnings for computation, including interest on deposits $3,747 $3,430 $4,638 $4,355 $3,892 $3,422 $3,681 ====== ====== ====== ====== ====== ====== ====== COMPUTATION OF FIXED CHARGES Net rental expense $ 112 $ 125 $ 173 $ 139 $ 123 $ 126 $ 117 ====== ====== ====== ====== ====== ====== ====== Portion of net rental expense deemed representative of interest $ 30 $ 31 $ 46 $ 35 $ 30 $ 42 $ 39 Interest on short-term borrowed funds 522 478 646 801 642 492 519 Interest on long-term debt, including capital securities 800 691 957 681 413 276 261 ------ ------ ------ ------ ------ ------ ------ Total fixed charges, excluding interest on deposits 1,352 1,200 1,649 1,517 1,085 810 819 Interest on deposits 1,275 955 1,305 1,359 1,462 1,469 1,705 ------ ------ ------ ------ ------ ------ ------ Total fixed charges, including interest on deposits $2,627 $2,155 $2,954 $2,876 $2,547 $2,279 $2,524 ====== ====== ====== ====== ====== ====== ====== COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Preferred stock dividend requirement on a pre-tax basis -- -- -- -- -- $ 12 $ 23 Total fixed charges, excluding interest on deposits $1,352 $1,200 $1,649 $1,517 $1,085 810 819 ------ ------ ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, excluding interest on deposits 1,352 1,200 1,649 1,517 1,085 822 842 Interest on deposits 1,275 955 1,305 1,359 1,462 1,469 1,705 ------ ------ ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, including interest on deposits $2,627 $2,155 $2,954 $2,876 $2,547 $2,291 $2,547 ====== ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding deposit interest 1.83 x 2.06 x 2.02 x 1.97 x 2.24 x 2.41 x 2.42 x Including deposit interest 1.43 x 1.59 x 1.57 x 1.51 x 1.53 x 1.50 x 1.46 x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding deposit interest 1.83 x 2.06 x 2.02 x 1.97 x 2.24 x 2.38 x 2.35 x Including deposit interest 1.43 x 1.59 x 1.57 x 1.51 x 1.53 x 1.49 x 1.45 x