EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Years Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (15 | ) | 37 | 67 | 43 | 34 | ||||||||||||||
Fixed charges | 370 | 462 | 636 | 607 | 983 | |||||||||||||||
Adjusted earnings | (A) | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | $ | 3,859 | |||||||||
Interest on short-term borrowings | $ | 73 | $ | 96 | $ | 257 | $ | 218 | $ | 674 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 176 | 241 | 235 | 251 | 187 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 121 | 125 | 144 | 138 | 122 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 39 | 27 | — | 226 | 34 | |||||||||||||||
Fixed charges and preferred stock dividends | (B) | $ | 409 | $ | 489 | $ | 636 | $ | 833 | $ | 1,017 | |||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 7.63 x | 6.21 x | 4.39 x | 3.81 x | 3.79 x | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||
Share of pre-tax income of unconsolidated entities | (15 | ) | 37 | 67 | 43 | 34 | ||||||||||||||
Fixed charges | 536 | 682 | 849 | 802 | 2,309 | |||||||||||||||
Adjusted earnings | (C) | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | $ | 5,185 | ||||||||||
Interest on short-term borrowings and deposits | $ | 239 | $ | 316 | $ | 470 | $ | 413 | $ | 2,000 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 176 | 241 | 235 | 251 | 187 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 121 | 125 | 144 | 138 | 122 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 39 | 27 | — | 226 | 34 | |||||||||||||||
Fixed charges and preferred stock dividends | (D) | $ | 575 | $ | 709 | $ | 849 | $ | 1,028 | $ | 2,343 | |||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits | (C)/(D) | 5.72 x | 4.59 x | 3.54 x | 3.28 x | 2.21 x |
______________________________
(1) | The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in our consolidated statement of income. |
(2) | Preferred dividends and related adjustments, including accretion, were adjusted to represent pre-tax earnings that would be required to cover dividend and accretion requirements. |
STATE STREET CORPORATION
Ratios of Earnings to Fixed Charges
Years Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (15 | ) | 37 | 67 | 43 | 34 | ||||||||||||||
Fixed charges | 370 | 462 | 636 | 607 | 983 | |||||||||||||||
Adjusted earnings | (A) | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | $ | 3,859 | |||||||||
Interest on short-term borrowings | $ | 73 | $ | 96 | $ | 257 | $ | 218 | $ | 674 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 176 | 241 | 235 | 251 | 187 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 121 | 125 | 144 | 138 | 122 | |||||||||||||||
Fixed charges | (B) | $ | 370 | $ | 462 | $ | 636 | $ | 607 | $ | 983 | |||||||||
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 8.44 x | 6.57 x | 4.39x | 5.23x | 3.93x | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||
Share of pre-tax income of unconsolidated entities | (15 | ) | 37 | 67 | 43 | 34 | ||||||||||||||
Fixed charges | 536 | 682 | 849 | 802 | 2,309 | |||||||||||||||
Adjusted earnings | (C) | $ | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | $ | 5,185 | |||||||||
Interest on short-term borrowings and deposits | $ | 239 | $ | 316 | $ | 470 | $ | 413 | $ | 2,000 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 176 | 241 | 235 | 251 | 187 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 121 | 125 | 144 | 138 | 122 | |||||||||||||||
Fixed charges | (D) | $ | 536 | $ | 682 | $ | 849 | $ | 802 | $ | 2,309 | |||||||||
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 6.13 x | 4.77 x | 3.54x | 4.20x | 2.25x |
____________________________
(1) The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in our consolidated statement of income.