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Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Common Share

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

 

   

Three months ended March 31, 

  
dollars in millions, except per share amounts                 2013                     2012    

 

  

EARNINGS

    

Income (loss) from continuing operations

     $ 202         $ 201    

Less: Net income (loss) attributable to noncontrolling interests

     1         —    

 

  

Income (loss) from continuing operations attributable to Key

     201         201    

Less: Dividends on Series A Preferred Stock

     5         6    

 

  

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

     196         195    

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

     3         (1)    

 

  

Net income (loss) attributable to Key common shareholders

     $ 199         $ 194    
 

 

 

    

 

 

  
   

 

  

WEIGHTED-AVERAGE COMMON SHARES

    

Weighted-average common shares outstanding (000)

     920,316         949,342    

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

     5,735         4,629    

 

  

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

     926,051         953,971    
 

 

 

    

 

 

  
   

 

  

EARNINGS PER COMMON SHARE

    

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

     $ .21         $ .21    

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

     —         —    

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

     .22         .20    

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

     $ .21         $ .20    

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

     —         —    

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

     .21         .20    

 

  

 

(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 National Association. In February 2013, we decided to sell Victory to a private equity fund. As a result of these decisions, we have accounted for these businesses as discontinued operations. For further discussion regarding the income (loss) from discontinued operations see Note 11 (“Acquisitions and Discontinued Operations”).

 

(b) EPS may not foot due to rounding.