KEYCORP /NEW/ Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||
| Dollars in millions, except per share amounts | 2025 | 2024 | 2023 | ||||||||
| EARNINGS | |||||||||||
| Income (loss) from continuing operations | $ | 1,828 | $ | (163) | $ | 964 | |||||
| Less: Dividends on preferred stock | 143 | 143 | 143 | ||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | 1,685 | (306) | 821 | ||||||||
| Income (loss) from discontinued operations, net of taxes | 1 | 2 | 3 | ||||||||
| Net income (loss) attributable to Key common shareholders | $ | 1,686 | $ | (304) | $ | 824 | |||||
| WEIGHTED-AVERAGE COMMON SHARES | |||||||||||
| Weighted-average Common Shares outstanding (000) | 1,098,558 | 949,561 | 927,217 | ||||||||
Effect of common share options and other stock awards(a) | 9,436 | — | 5,542 | ||||||||
Weighted-average common shares and potential Common Shares outstanding (000) (b) | 1,107,994 | 949,561 | 932,759 | ||||||||
| EARNINGS PER COMMON SHARE | |||||||||||
| Income (loss) from continuing operations attributable to Key common shareholders | $ | 1.53 | $ | (.32) | $ | .88 | |||||
| Income (loss) from discontinued operations, net of taxes | — | — | — | ||||||||
Net income (loss) attributable to Key common shareholders (c) | 1.53 | (.32) | .89 | ||||||||
| Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution | 1.52 | (.32) | .88 | ||||||||
| Income (loss) from discontinued operations, net of taxes — assuming dilution | — | — | — | ||||||||
Net income (loss) attributable to Key common shareholders — assuming dilution (c) | 1.52 | (.32) | .88 | ||||||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.