EXHIBIT 12
Morgan Stanley
Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(unaudited)
| $ in millions | Six Months 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||
Earnings1 | $ | 5,283 | $ | 8,805 | $ | 8,229 | $ | 3,235 | $ | 3,502 | $ | (29 | ) | |||||||||||
Fixed charges2 | 2,772 | 3,575 | 2,987 | 3,935 | 4,695 | 6,152 | ||||||||||||||||||
Total earnings and fixed charges | $ | 8,055 | $ | 12,380 | $ | 11,216 | $ | 7,170 | $ | 8,197 | $ | 6,123 | ||||||||||||
Fixed charges2 | ||||||||||||||||||||||||
Total interest expense3 | $ | 2,652 | $ | 3,336 | $ | 2,742 | $ | 3,679 | $ | 4,414 | $ | 5,858 | ||||||||||||
Interest factor in rents | 120 | 239 | 245 | 256 | 281 | 294 | ||||||||||||||||||
Total fixed charges | $ | 2,772 | $ | 3,575 | $ | 2,987 | $ | 3,935 | $ | 4,695 | $ | 6,152 | ||||||||||||
Ratio of earnings to fixed charges | 2.9 | 3.5 | 3.8 | 1.8 | 1.7 | 1.0 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
| |||||||||||||||||||||||
Earnings1 | $ | 5,283 | $ | 8,805 | $ | 8,229 | $ | 3,235 | $ | 3,502 | $ | (29 | ) | |||||||||||
Fixed charges2 | 2,772 | 3,575 | 2,987 | 3,935 | 4,695 | 6,152 | ||||||||||||||||||
Total earnings and fixed charges | $ | 8,055 | $ | 12,380 | $ | 11,216 | $ | 7,170 | $ | 8,197 | $ | 6,123 | ||||||||||||
Fixed charges2 | ||||||||||||||||||||||||
Total interest expense3 | $ | 2,652 | $ | 3,336 | $ | 2,742 | $ | 3,679 | $ | 4,414 | $ | 5,858 | ||||||||||||
Interest factor in rents | 120 | 239 | 245 | 256 | 281 | 294 | ||||||||||||||||||
Preferred stock dividends4 | 374 | 676 | 610 | 311 | 150 | 96 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 3,146 | $ | 4,251 | $ | 3,597 | $ | 4,246 | $ | 4,845 | $ | 6,248 | ||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 2.6 | 2.9 | 3.1 | 1.7 | 1.7 | 1.0 | ||||||||||||||||||
| 1. | Amounts represent earnings before income taxes and do not include dividends on preferred securities, income (loss) from discontinued operations, noncontrolling interests and income or loss from equity investees. |
| 2. | Fixed charges do not include interest expense on uncertain tax liabilities as the Firm records these amounts within Provision for income taxes. |
| 3. | Amounts consist of interest cost, including interest on deposits and capitalized interest. |
| 4. | The preferred stock dividends amount representspre-tax earnings required to cover dividends on preferred stock. |