Northern Trust (NTRS) S-3ASR Automatic shelf registration

Exhibit 12.1

Northern Trust Corporation

Ratio of Earnings to Fixed Charges

(Dollars in Millions, Except Ratios)

	Six Months Ended		Fiscal Year Ended December 31,
	6/30/2014		2013		2012		2011		2010		2009
EXCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest Expense (Excluding Interest on Deposits)		54.4		119.0		140.7		169.4		177.0		199.2
Estimated Interest Component of Rental Expense		15.4		27.7		30.4		31.1		27.2		32.0
Total Fixed Charges		69.8		146.7		171.1		200.5		204.2		231.2
INCOME:
Income Before Income Taxes		540.2		1,075.5		992.3		883.7		989.8		1,255.2
Fixed Charges		69.8		146.7		171.2		200.5		204.2		231.2
Earnings, as Defined		610.0		1,222.2		1,163.5		1,084.2		1,194.0		1,486.4
Ratio of Earnings to Fixed Charges		8.73		8.33		6.80		5.40		5.85		6.43
INCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest Expense (Including Interest on Deposits)		97.0		222.4		297.4		399.5		378.0		406.2
Estimated Interest Component of Rental Expense		15.4		27.7		30.4		31.1		27.2		32.0
Total Fixed Charges		112.4		250.1		327.8		430.6		405.2		438.2
INCOME:
Income Before Income Taxes		540.2		1,075.5		992.3		883.7		989.8		1,255.2
Fixed Charges		112.4		250.1		327.8		430.6		405.2		438.2
Earnings, as Defined		652.6		1,325.6		1,320.1		1,314.3		1,395.0		1,693.4
Ratio of Earnings to Fixed Charges		5.81		5.30		4.03		3.05		3.44		3.86

Northern Trust Corporation

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in Millions, Except Ratios)

	Six Months Ended		Fiscal Year Ended December 31,
	6/30/2014		2013		2012		2011		2010		2009
EXCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest Expense (Excluding Interest on Deposits)		54.4		119.0		140.7		169.4		177.0		199.2
Estimated Interest Component of Rental Expense		15.4		27.7		30.4		31.1		27.2		32.0
Pre-Tax Earnings Required for Preferred Dividends		—		—		—		—		—		175.5
Total Fixed Charges and Preferred Stock Dividend Requirements		69.8		146.7		171.1		200.5		204.2		406.7
INCOME:
Income Before Income Taxes		540.2		1,075.5		992.3		883.7		989.8		1,255.2
Fixed Charges and Preferred Stock Dividend Requirements		69.8		146.7		171.2		200.5		204.2		406.7
Earnings, as Defined		610.0		1,222.2		1,163.5		1,084.2		1,194.0		1,661.9
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		8.73		8.33		6.80		5.40		5.85		4.09
INCLUDING INTEREST ON DEPOSITS:
Fixed Charges
Interest Expense (Including Interest on Deposits)		97.0		222.4		297.4		399.5		378.0		406.2
Estimated Interest Component of Rental Expense		15.4		27.7		30.4		31.1		27.2		32.0
Pre-Tax Earnings Required for Preferred Dividends		—		—		—		—		—		175.5
Total Fixed Charges and Preferred Stock Dividend Requirements		112.4		250.1		327.8		430.6		405.2		613.7
INCOME:
Income Before Income Taxes		540.2		1,075.5		992.3		883.7		989.8		1,255.2
Fixed Charges and Preferred Stock Dividend Requirements		112.4		250.1		327.8		430.6		405.2		613.7
Earnings, as Defined		652.6		1,325.6		1,320.1		1,314.3		1,395.0		1,868.9
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		5.81		5.30		4.03		3.05		3.44		3.05

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