EX-12 15 l11135aexv12.txt EX-12 RATIO OF EARN TO FIXED CHARGES & PREFER STOCK DIV 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, ------------------------------------------------- 2004 2003 2002 2001 2000 ------- ------ ------ ------- ------ COMPUTATION OF EARNINGS Net income $ 954 $ 903 $ 976 $ 132 $1,002 Add: Provision for income taxes 434 339 336 102 515 Less: Cumulative effect of accounting changes, net of tax - - - (25) - ------ ------ ------ ------- ------ Income before income taxes and cumulative effect of accounting changes 1,388 1,242 1,312 259 1,517 Fixed charges, excluding interest on deposits 536 573 747 1,367 1,820 ------ ------ ------ ------- ------ Total earnings for computation, excluding interest on deposits 1,924 1,815 2,059 1,626 3,337 Interest on deposits 677 703 897 1,478 1,768 ------ ------ ------ ------- ------ Total earnings for computation, including interest on deposits $2,601 $2,518 $2,956 $ 3,104 $5,105 ====== ====== ====== ======= ====== COMPUTATION OF FIXED CHARGES Net rental expense $ 130 $ 131 $ 142 $ 145 $ 146 ------ ------ ------ ------- ------ Portion of net rental expense deemed representative of interest $ 32 $ 31 $ 27 $ 43 $ 41 Interest on short-term borrowed funds 102 110 169 500 715 Interest on long-term debt, including capital securities 402 432 551 824 1,064 ------ ------ ------ ------- ------ Total fixed charges, excluding interest on deposits 536 573 747 1,367 1,820 Interest on deposits 677 703 897 1,478 1,768 ------ ------ ------ ------- ------ Total fixed charges, including interest on deposits $1,213 $1,276 $1,644 $ 2,845 $3,588 ====== ====== ====== ======= ====== COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Preferred stock dividend requirement on a pre-tax basis - - - - - Total fixed charges, excluding interest on deposits $ 536 $ 573 $ 747 $ 1,367 $1,820 ------ ------ ------ ------- ------ Combined fixed charges and preferred stock dividends, excluding interest on deposits 536 573 747 1,367 1,820 Interest on deposits 677 703 897 1,478 1,768 ------ ------ ------ ------- ------ Combined fixed charges and preferred stock dividends, including interest on deposits $1,213 $1,276 $1,644 $ 2,845 $3,588 ====== ====== ====== ======= ====== RATIO OF EARNINGS TO FIXED CHARGES Excluding deposit interest 3.59 x 3.17 x 2.76 x 1.19 x 1.83 x Including deposit interest 2.14 x 1.97 x 1.80 x 1.09 x 1.42 x RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Excluding deposit interest 3.59 x 3.17 x 2.76 x 1.19 x 1.83 x Including deposit interest 2.14 x 1.97 x 1.80 x 1.09 x 1.42 x