EX-12 6 l92910aex12.txt EXHIBIT 12 EXHIBIT 12 KEYCORP COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (DOLLARS IN MILLIONS) (UNAUDITED)
YEAR ENDED DECEMBER 31, ------------------------------------------ 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ COMPUTATION OF EARNINGS Net income.................................................. $ 132 $1,002 $1,107 $ 996 $ 919 Add: Provision for income taxes............................. 102 515 577 483 426 Less: Cumulative effect of accounting changes, net of tax... (25) -- -- -- -- ------ ------ ------ ------ ------ Income before income taxes and cumulative effect of accounting changes................................... 259 1,517 1,684 1,479 1,345 Fixed charges, excluding interest on deposits............... 1,367 1,820 1,649 1,517 1,085 ------ ------ ------ ------ ------ Total earnings for computation, excluding interest on deposits............................................. 1,626 3,337 3,333 2,996 2,430 Interest on deposits........................................ 1,478 1,768 1,305 1,359 1,462 ------ ------ ------ ------ ------ Total earnings for computation, including interest on deposits............................................. $3,104 $5,105 $4,638 $4,355 $3,892 ====== ====== ====== ====== ====== COMPUTATION OF FIXED CHARGES Net rental expense.......................................... $ 145 $ 146 $ 173 $ 139 $ 123 ====== ====== ====== ====== ====== Portion of net rental expense deemed representative of interest.................................................. $ 43 $ 41 $ 46 $ 35 $ 30 Interest on short-term borrowed funds....................... 500 715 646 801 642 Interest on long-term debt, including capital securities.... 824 1,064 957 681 413 ------ ------ ------ ------ ------ Total fixed charges, excluding interest on deposits..... 1,367 1,820 1,649 1,517 1,085 Interest on deposits........................................ 1,478 1,768 1,305 1,359 1,462 ------ ------ ------ ------ ------ Total fixed charges, including interest on deposits..... $2,845 $3,588 $2,954 $2,876 $2,547 ====== ====== ====== ====== ====== COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Preferred stock dividend requirement on a pre-tax basis..... -- -- -- -- -- Total fixed charges, excluding interest on deposits......... $1,367 $1,820 $1,649 $1,517 $1,085 ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, excluding interest on deposits....................... 1,367 1,820 1,649 1,517 1,085 Interest on deposits........................................ 1,478 1,768 1,305 1,359 1,462 ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, including interest on deposits....................... $2,845 $3,588 $2,954 $2,876 $2,547 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding deposit interest.................................. 1.19X 1.83x 2.02x 1.97x 2.24x Including deposit interest.................................. 1.09X 1.42x 1.57x 1.51x 1.53x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding deposit interest.................................. 1.19X 1.83x 2.02x 1.97x 2.24x Including deposit interest.................................. 1.09X 1.42x 1.57x 1.51x 1.53x
15