EX-12 13 l97974aexv12.txt EX-12 COMPUTATION OF RATIOS 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, ------------------------------------------ 2002 2001 2000 1999 1998 ------ ------ ------ ------ ------ COMPUTATION OF EARNINGS Net income.................................................. $ 976 $ 132 $1,002 $1,107 $ 996 Add: Provision for income taxes............................. 336 102 515 577 483 Less: Cumulative effect of accounting changes, net of tax... -- (25) -- -- -- ------ ------ ------ ------ ------ Income before income taxes and cumulative effect of accounting changes................................... 1,312 259 1,517 1,684 1,479 Fixed charges, excluding interest on deposits............... 747 1,367 1,820 1,649 1,517 ------ ------ ------ ------ ------ Total earnings for computation, excluding interest on deposits............................................. 2,059 1,626 3,337 3,333 2,996 Interest on deposits........................................ 897 1,478 1,768 1,305 1,359 ------ ------ ------ ------ ------ Total earnings for computation, including interest on deposits............................................. $2,956 $3,104 $5,105 $4,638 $4,355 ====== ====== ====== ====== ====== COMPUTATION OF FIXED CHARGES Net rental expense.......................................... $ 142 $ 145 $ 146 $ 173 $ 139 ====== ====== ====== ====== ====== Portion of net rental expense deemed representative of interest.................................................. $ 27 $ 43 $ 41 $ 46 $ 35 Interest on short-term borrowed funds....................... 169 500 715 646 801 Interest on long-term debt, including capital securities.... 551 824 1,064 957 681 ------ ------ ------ ------ ------ Total fixed charges, excluding interest on deposits..... 747 1,367 1,820 1,649 1,517 Interest on deposits........................................ 897 1,478 1,768 1,305 1,359 ------ ------ ------ ------ ------ Total fixed charges, including interest on deposits..... $1,644 $2,845 $3,588 $2,954 $2,876 ====== ====== ====== ====== ====== COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Preferred stock dividend requirement on a pre-tax basis..... -- -- -- -- -- Total fixed charges, excluding interest on deposits......... $ 747 $1,367 $1,820 $1,649 $1,517 ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, excluding interest on deposits....................... 747 1,367 1,820 1,649 1,517 Interest on deposits........................................ 897 1,478 1,768 1,305 1,359 ------ ------ ------ ------ ------ Combined fixed charges and preferred stock dividends, including interest on deposits....................... $1,644 $2,845 $3,588 $2,954 $2,876 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding deposit interest.................................. 2.76X 1.19x 1.83x 2.02x 1.97x Including deposit interest.................................. 1.80X 1.09x 1.42x 1.57x 1.51x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding deposit interest.................................. 2.76X 1.19x 1.83x 2.02x 1.97x Including deposit interest.................................. 1.80X 1.09x 1.42x 1.57x 1.51x