EX-12 6 d447548dex12.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,  
     2012      2011     2010     2009     2008  

Computation of Earnings

           

Net income (loss) attributable to Key

   $ 858      $ 920     $ 554     $ (1,335   $ (1,468

Add: Provision for income taxes

     239        369       186       (1,035     437  

Less: Income (loss) from discontinued operations, net of taxes

     9        (44     (23     (48     (173
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes and cumulative effect of accounting change

     1,088        1,333       763       (2,322     (858

Fixed charges, excluding interest on deposits

     200        248       244       314       597  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings for computation, excluding interest on deposits

     1,288        1,581       1,007       (2,008     (261

Interest on deposits

     257        390       671       1,119       1,468  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings for computation, including interest on deposits

   $ 1,545      $ 1,971     $ 1,678     $ (889   $ 1,207  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Computation of Fixed Charges

           

Net rental expense

   $ 109      $ 106     $ 120     $ 122     $ 111  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Portion of net rental expense deemed representative of interest

   $ 16      $ 16     $ 18     $ 18     $ 28  

Interest on short-term borrowed funds

     11        16       20       21       187  

Interest on long-term debt

     173        216       206       275       382  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges, excluding interest on deposits

     200        248       244       314       597  

Interest on deposits

     257        390       671       1,119       1,468  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges, including interest on deposits

   $ 457      $ 638     $ 915     $ 1,433     $  2,065  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Combined Fixed Charges and Preferred Stock Dividends

           

Preferred stock dividend requirement on a pre-tax basis

   $ 22      $ 107     $ 164     $ 294     $ 42  

Total fixed charges, excluding interest on deposits

     200        248       244       314       597  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock dividends, excluding interest on deposits

     222        355       408       608       639  

Interest on deposits

     257        390       671       1,119       1,468  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock dividends, including interest on deposits

   $ 479      $ 745     $ 1,079     $ 1,727     $ 2,107  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

           

Excluding deposit interest

     6.44        6.37       4.13       (6.39     (.44

Including deposit interest

     3.38        3.09       1.83       (.62     .58  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

           

Excluding deposit interest

     5.80        4.45       2.47       (3.30     (.41

Including deposit interest

     3.23        2.65       1.56       (.51     .57