EX-12 15 l23771aexv12.htm EX-12 EX-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,  
    2006     2005     2004     2003     2002  
Computation of Earnings
                                        
Net income
   $ 1,055     $ 1,129     $ 954     $ 903     $ 976  
Add: Provision for income taxes
     450       436       405       320       325  
Less: Income (loss) from discontinued operations, net of taxes
     (143 )     39       47       31       18  
Less: Cumulative effect of accounting change, net of taxes
     5       —       —       —       —  
 
                              
Income before income taxes and cumulative effect of accounting change
     1,643       1,526       1,312       1,192       1,283  
Fixed charges, excluding interest on deposits
     1,023       790       497       492       646  
 
                              
Total earnings for computation, excluding interest on deposits
     2,666       2,316       1,809       1,684       1,929  
Interest on deposits
     1,576       976       640       703       897  
 
                              
Total earnings for computation, including interest on deposits
   $ 4,242     $ 3,292     $ 2,449     $ 2,387     $ 2,826  
 
                              
 
                                        
Computation of Fixed Charges
                                        
Net rental expense
   $ 123     $ 150     $ 126     $ 127     $ 125  
 
                              
Portion of net rental expense deemed representative of interest
   $ 34     $ 39     $ 31     $ 30     $ 24  
Interest on short-term borrowed funds
     201       153       64       110       169  
Interest on long-term debt, including capital securities
     788       598       402       352       453  
 
                              
Total fixed charges, excluding interest on deposits
     1,023       790       497       492       646  
Interest on deposits
     1,576       976       640       703       897  
 
                              
Total fixed charges, including interest on deposits
   $ 2,599     $ 1,766     $ 1,137     $ 1,195     $ 1,543  
 
                              
 
                                        
Combined Fixed Charges and Preferred Stock Dividends
                                        
Preferred stock dividend requirement on a pre-tax basis
     —       —       —       —       —  
Total fixed charges, excluding interest on deposits
   $ 1,023     $ 790     $ 497     $ 492     $ 646  
 
                              
Combined fixed charges and preferred stock dividends, excluding interest on deposits
     1,023       790       497       492       646  
Interest on deposits
     1,576       976       640       703       897  
 
                              
Combined fixed charges and preferred stock dividends, including interest on deposits
   $ 2,599     $ 1,766     $ 1,137     $ 1,195     $ 1,543  
 
                              
 
                                        
Ratio of Earnings to Fixed Charges
                                        
Excluding deposit interest
     2.61x       2.93x       3.64x       3.42x       2.99x  
Including deposit interest
     1.63x       1.86x       2.15x       2.00x       1.83x  
 
                                        
Ratio of Earnings to Combined Fixed Charges and
                                        
Preferred Stock Dividends
                                        
Excluding deposit interest
     2.61x       2.93x       3.64x       3.42x       2.99x  
Including deposit interest
     1.63x       1.86x       2.15x       2.00x       1.83x