KeyBank 2014 Annual Report Download - page 237
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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,
2014 2013 2012 2011 2010 (a)
Computation of Earnings
Net income (loss) attributable to Key $ 900 $ 910 $ 858 $ 920 $ 554
Add: Provision for income taxes 326 271 231 364 186
Less: Income (loss) from discontinued operations, net of taxes (39) 40 23 (35) (23)
Income (loss) before income taxes and cumulative effect of
accounting change 1,265 1,141 1,066 1,319 763
Fixed charges, excluding interest on deposits 160 154 200 248 244
Total earnings for computation, excluding interest on
deposits 1,425 1,295 1,266 1,567 1,007
Interest on deposits 117 158 257 390 671
Total earnings for computation, including interest on deposits $1,542 $1,453 $1,523 $1,957 $1,678
Computation of Fixed Charges
Net rental expense $ 104 $ 111 $ 109 $ 106 $ 120
Portion of net rental expense deemed representative of interest $16$17$16$16$18
Interest on short-term borrowed funds 11 10 11 16 20
Interest on long-term debt 133 127 173 216 206
Total fixed charges, excluding interest on deposits 160 154 200 248 244
Interest on deposits 117 158 257 390 671
Total fixed charges, including interest on deposits $ 277 $ 312 $ 457 $ 638 $ 915
Combined Fixed Charges and Preferred Stock Dividends
Preferred stock dividend requirement on a pre-tax basis $22$ 23 $ 22 $ 107 $ 164
Total fixed charges, excluding interest on deposits 160 154 200 248 244
Combined fixed charges and preferred stock dividends,
excluding interest on deposits 182 177 222 355 408
Interest on deposits 117 158 257 390 671
Combined fixed charges and preferred stock dividends,
including interest on deposits $ 299 $ 335 $ 479 $ 745 $1,079
Ratio of Earnings to Fixed Charges
Excluding deposit interest 8.91 8.41 6.33 6.32 4.13
Including deposit interest 5.57 4.66 3.33 3.07 1.83
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends
Excluding deposit interest 7.83 7.32 5.70 4.41 2.47
Including deposit interest 5.16 4.34 3.18 2.63 1.56
(a) Financial data was not adjusted to reflect the treatment of Victory as a discontinued operation.