State Street (STT) 10-Q2013 Q1 Quarterly report

Filed: 3 May 13, 12:00am

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New words: absolute, accurately, algorithmically, America, AOCI, array, Asia, assist, assistance, await, bailout, bearing, body, broadly, budget, called, CCAR, chaired, charter, chosen, clean, clearinghouse, collaboration, commodity, conceptual, constrain, cooperated, coordination, counsel, creditor, CRO, culture, cushion, dealing, dedicated, delegated, deliver, deployment, diagnostic, discretionary, dismissed, disruption, downside, dynamic, easing, ECB, embedded, encompassed, escalated, escalation, exhibit, expertise, expiration, expire, factor, fashion, flattening, force, formulation, France, FSA, FSB, granular, guard, guideline, head, horizon, ICAAP, illustrate, inception, indemnification, intentionally, intermediate, intervention, inventory, Italian, Japan, Japanese, jurisdiction, knowledge, leg, license, local, monetize, MRAC, North, notified, outline, output, overcharged, overstate, passed, penalty, percentage, persist, predefined, prejudice, prevent, purpose, question, reimburse, reimbursed, remediation, representation, resource, rolling, runoff, safety, shortfall, shown, single, speed, steepening, substantive, surcharge, terrorist, TMRC, tolerance, tool, transient, Treasurer, TRMC, unavailability, understate, undue, unforeseen, unissued, upward, venue, weekly, work

Removed: abetting, abide, affiliate, affiliated, aforementioned, aiding, alleged, amendment, Annuity, appeal, appointed, award, Carina, CDO, close, comparability, comprised, construction, contractually, correlated, coupled, credibility, deficiency, depth, derive, dilutive, disclose, double, downturn, driver, eliminating, enrichment, entitled, entity, Euro, existed, expectation, FASB, found, Greece, historically, incorporating, incrementally, infrequent, Intesa, larger, left, Lehman, London, lost, matched, minimize, misrepresentation, nearest, negligence, negligent, notable, Nova, OCI, office, owed, pact, peripheral, proprietary, punitive, reached, recently, reflective, regulator, relating, repositioning, resolve, retroactive, retrospectively, revaluing, ruling, Scotia, Secretary, simple, slight, static, streamlined, sum, supplemented, top, transferred, trial, trustee, uncompetitive, unjust, unsettled, vehicle, weight, York, zone

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EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends



		Three Months Ended March 31, 2013		Years Ended December 31,
(Dollars in millions)		Three Months Ended March 31, 2013		2012			2011		2010		2009		2008
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	609	$	2,766		$	2,536	$	2,086	$	2,525	$	2,842
Share of pre-tax income (loss) of unconsolidated entities		6		(15		)	37		67		43		34
Fixed charges		150		370			462		636		607		983
Adjusted earnings	(A)	$	765	$	3,121		$	3,035	$	2,789	$	3,175	$	3,859

Interest on short-term borrowings		$	16	$	73		$	96	$	257	$	218	$	674
Interest on long-term debt, including amortization of debt issuance costs		41		176			241		235		251		187
Portion of long-term leases representative of the interest factor⁽¹⁾		93		121			125		144		138		122
Preferred stock dividends and related adjustments⁽²⁾		9		39			27		—		226		34
Fixed charges and preferred stock dividends	(B)	$	159	$	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)	4.81 x		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		$	609	$	2,766		$	2,536	$	2,086	$	2,525	$	2,842
Share of pre-tax income (loss) of unconsolidated entities		6		(15		)	37		67		43		34
Fixed charges		184		536			682		849		802		2,309
Adjusted earnings	(C)	799		$	3,287		$	3,255	$	3,002	$	3,370	$	5,185

Interest on short-term borrowings and deposits		$	50	$	239		$	316	$	470	$	413	$	2,000
Interest on long-term debt, including amortization of debt issuance costs		41		176			241		235		251		187
Portion of long-term leases representative of the interest factor⁽¹⁾		93		121			125		144		138		122
Preferred stock dividends and related adjustments⁽²⁾		9		39			27		—		226		34
Fixed charges and preferred stock dividends	(D)	$	193	$	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)	4.14 x		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



		Three Months Ended March 31, 2013		Years Ended December 31,
(Dollars in millions)		Three Months Ended March 31, 2013		2012			2011		2010		2009		2008
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	609	$	2,766		$	2,536	$	2,086	$	2,525	$	2,842
Share of pre-tax income (loss) of unconsolidated entities		6		(15		)	37		67		43		34
Fixed charges		150		370			462		636		607		983
Adjusted earnings	(A)	$	765	$	3,121		$	3,035	$	2,789	$	3,175	$	3,859

Interest on short-term borrowings		$	16	$	73		$	96	$	257	$	218	$	674
Interest on long-term debt, including amortization of debt issuance costs		41		176			241		235		251		187
Portion of long-term leases representative of the interest factor⁽¹⁾		93		121			125		144		138		122
Fixed charges	(B)	$	150	$	370		$	462	$	636	$	607	$	983
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits	(A)/(B)	5.10 x		8.44 x			6.57 x		4.39x		5.23x		3.93x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	609	$	2,766		$	2,536	$	2,086	$	2,525	$	2,842
Share of pre-tax income (loss) of unconsolidated entities		6		(15		)	37		67		43		34
Fixed charges		184		536			682		849		802		2,309
Adjusted earnings	(C)	$	799	$	3,287		$	3,255	$	3,002	$	3,370	$	5,185

Interest on short-term borrowings and deposits		$	50	$	239		$	316	$	470	$	413	$	2,000
Interest on long-term debt, including amortization of debt issuance costs		41		176			241		235		251		187
Portion of long-term leases representative of the interest factor⁽¹⁾		93		121			125		144		138		122
Fixed charges	(D)	$	184	$	536		$	682	$	849	$	802	$	2,309
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits	(C)/(D)	4.34 x		6.13 x			4.77 x		3.54x		4.20x		2.25x

___________________________

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