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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Common Share

2. Earnings Per Common Share

Our basic and diluted earnings per Common Share are calculated as follows:

 

                                     
        Three months ended June 30,     Six months ended June 30,    
 dollars in millions, except per share amounts   2012      2011      2012      2011   

 

  

 EARNINGS

                               

 Income (loss) from continuing operations

    $ 231        $ 252        $ 436        $ 534   

 Less:

   Net income (loss) attributable to noncontrolling interests     5        3        5        11   

 

  

 Income (loss) from continuing operations attributable to Key

    226        249        431        523   

 Less:

   Dividends on Series A Preferred Stock     5        6        11        12   
    Cash dividends on Series B Preferred Stock (b)     —        —        —        31   
    Amortization of discount on Series B Preferred Stock(b)     —        —        —        53   

 

  

 Income (loss) from continuing operations attributable to Key common shareholders

    221        243        420        427   

 Income (loss) from discontinued operations, net of taxes (a)

     10        (9)       5        (20)  

 

  

 Net income (loss) attributable to Key common shareholders

    $ 231        $ 234        $ 425        $ 407   
       

 

 

    

 

 

    

 

 

    

 

 

  

 

  

 WEIGHTED-AVERAGE COMMON SHARES

                               

 Weighted-average common shares outstanding (000)

    944,648        947,565        946,995        914,911   

 Effect of dilutive convertible preferred stock, common share options and other stock awards (000)

    3,439        4,568        4,034        5,251   

 

  

 Weighted-average common shares and potential common shares outstanding (000)

    948,087        952,133        951,029        920,162   
       

 

 

    

 

 

    

 

 

    

 

 

  

 

  

 EARNINGS PER COMMON SHARE

                               
         

 Income (loss) from continuing operations attributable to Key common shareholders

    $ .23        $ .26        $ .44        $ .47   

 Income (loss) from discontinued operations, net of taxes (a)

     .01        (.01)       .01        (.02)  

 Net income (loss) attributable to Key common shareholders (c)

     .24        .25        .45        .44   
         

 Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution

    $ .23        $ .26        $ .44        $ .46   

 Income (loss) from discontinued operations, net of taxes (a)

     .01        (.01)       .01        (.02)  

 Net income (loss) attributable to Key common shareholders — assuming dilution (c)

     .24        .25        .45        .44   

 

  

 

(a) In April 2009, we decided to wind down the operations of Austin, a subsidiary that specialized in managing hedge fund investments for institutional customers. In September 2009, we decided to discontinue the education lending business conducted through Key Education Resources, the education payment and financing unit of KeyBank. As a result of these decisions, we have accounted for these businesses as discontinued operations. The income from discontinued operations for the quarter ended June 30, 2012, and the six months ended June 30, 2012, was primarily attributable to fair value adjustments related to the education lending securitization trusts.

 

(b) Includes a $49 million deemed dividend recorded in the first quarter of 2011 related to the repurchase of the $2.5 billion Series B Preferred Stock.

 

(c) EPS may not foot due to rounding.