Morgan Stanley (MS) 10-Q2018 Q1 Quarterly report

Filed: 4 May 18, 4:43pm

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New words: adjourned, adoptedRevenue, ahead, alliance, AML, andDerecognition, andfully, answer, BEAT, bill, billed, bps, broader, brought, calibration, Circuit, commensurate, compel, concurrent, constant, Cooperativa, cycle, defense, disposition, DOL, dollar, duty, earliest, enacted, enactment, England, ERISA, erosion, estimateswere, FCA, fiduciary, floor, formafully, frequency, gain, GILTI, Glossary, half, historically, inBanco, inclusion, inclusive, intermittent, JONATHAN, larger, lessee, medium, Mesa, noncompensation, obtain, official, ofour, outsize, overstate, overview, package, panel, partnership, passivity, PCAOB, platform, Popolare, power, PRA, pre, prejudice, PRUZAN, ratiosare, reclassification, relationship, renewed, repatriated, revaluing, ROTCE, significantly, slightly, SLR, Societ, SOFR, SONIA, spot, STACK, stage, Sterling, stranded, stringent, subset, technical, territorial, thisForm, toRecognition, unclear, updateReclassification, updateRevenue, vacate, vacated, venture, voluntarily, West

Removed: achieved, analyzed, andMorgan, anticipated, arithmetic, assumed, auto, Barney, borrowing, buying, characterization, Chicago, classification, Comptroller, conformance, Congressional, consolidate, contest, countercyclical, declared, deconsolidate, depict, deposited, deteriorate, develop, electricity, energy, entry, essentially, European, executing, exercise, existence, experience, explanation, explicit, Exploration, extent, Family, highly, implicit, improved, individually, Integration, intent, LAL, laundering, lender, measuring, Mercantile, millionand, modification, MortgageCapital, move, moved, offering, Office, oil, opposed, ouron, partial, phased, PLA, pluspre, principle, Production, promote, Prudential, published, purpose, quantified, rated, reach, ready, realization, recast, recognizing, referendum, represented, resolve, rolling, rulebook, satisfy, selling, shift, Smith, Southern, SPE, stand, statutory, styled, styledMorganStanley, swap, systemically, Taxation, Terminating, transfer, translation, troubled, unified, updateRecognition, variation

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EXHIBIT 12

Morgan Stanley

Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Unaudited)


	Three Months Ended March 31, 2018		Twelve Months Ended December 31,
$ in millions	Three Months Ended March 31, 2018		2017		2016		2015		2014			2013
Ratio of Earnings to Fixed Charges

Earnings¹	$	3,502	$	10,295	$	8,805	$	8,229	$	3,235		$	3,502
Fixed charges²		1,999		6,010		3,575		2,987		3,935			4,695
Total earnings and fixed charges	$	5,501	$	16,305	$	12,380	$	11,216	$	7,170		$	8,197
Fixed charges²
Total interest expense³	$	1,936	$	5,767	$	3,336	$	2,742	$	3,679		$	4,414
Interest factor in rents		63		243		239		245		256			281
Total fixed charges	$	1,999	$	6,010	$	3,575	$	2,987	$	3,935		$	4,695
Ratio of earnings to fixed charges		2.8		2.7		3.5		3.8		1.8			1.7

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

Earnings¹	$	3,502	$	10,295	$	8,805	$	8,229	$	3,235		$	3,502
Fixed charges²		1,999		6,010		3,575		2,987		3,935			4,695
Total earnings and fixed charges	$	5,501	$	16,305	$	12,380	$	11,216	$	7,170		$	8,197
Fixed charges²
Total interest expense³	$	1,936	$	5,767	$	3,336	$	2,742	$	3,679		$	4,414
Interest factor in rents		63		243		239		245		256			281
Preferred stock dividends⁴		118		873		676		610		311			150
Total fixed charges and preferred stock dividends	$	2,117	$	6,883	$	4,251	$	3,597	$	4,246	��	$	4,845
Ratio of earnings to fixed charges and preferred stock dividends		2.6		2.4		2.9		3.1		1.7			1.7

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 represents pre-tax earnings required to cover dividends on preferred stock.

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