EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Six Months Ended June 30, 2013 | Years Ended December 31, | |||||||||||||||||||||||
(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,371 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | 27 | (15 | ) | 37 | 67 | 43 | 34 | |||||||||||||||||
Fixed charges | 179 | 370 | 462 | 636 | 607 | 983 | ||||||||||||||||||
Adjusted earnings | (A) | $ | 1,577 | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | $ | 3,859 | |||||||||||
Interest on short-term borrowings | $ | 31 | $ | 73 | $ | 96 | $ | 257 | $ | 218 | $ | 674 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 84 | 176 | 241 | 235 | 251 | 187 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 64 | 121 | 125 | 144 | 138 | 122 | ||||||||||||||||||
Preferred stock dividends and related adjustments(2) | 17 | 39 | 27 | — | 226 | 34 | ||||||||||||||||||
Fixed charges and preferred stock dividends | (B) | $ | 196 | $ | 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) | 8.05 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 | $ | 1,371 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | 27 | (15 | ) | 37 | 67 | 43 | 34 | |||||||||||||||||
Fixed charges | 240 | 536 | 682 | 849 | 802 | 2,309 | ||||||||||||||||||
Adjusted earnings | (C) | 1,638 | $ | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | $ | 5,185 | ||||||||||||
Interest on short-term borrowings and deposits | $ | 92 | $ | 239 | $ | 316 | $ | 470 | $ | 413 | $ | 2,000 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 84 | 176 | 241 | 235 | 251 | 187 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 64 | 121 | 125 | 144 | 138 | 122 | ||||||||||||||||||
Preferred stock dividends and related adjustments(2) | 17 | 39 | 27 | — | 226 | 34 | ||||||||||||||||||
Fixed charges and preferred stock dividends | (D) | $ | 257 | $ | 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) | 6.37 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
Six Months Ended June 30, 2013 | Years Ended December 31, | |||||||||||||||||||||||
(Dollars in millions) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,371 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | 27 | (15 | ) | 37 | 67 | 43 | 34 | |||||||||||||||||
Fixed charges | 179 | 370 | 462 | 636 | 607 | 983 | ||||||||||||||||||
Adjusted earnings | (A) | $ | 1,577 | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | $ | 3,859 | |||||||||||
Interest on short-term borrowings | $ | 31 | $ | 73 | $ | 96 | $ | 257 | $ | 218 | $ | 674 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 84 | 176 | 241 | 235 | 251 | 187 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 64 | 121 | 125 | 144 | 138 | 122 | ||||||||||||||||||
Fixed charges | (B) | $ | 179 | $ | 370 | $ | 462 | $ | 636 | $ | 607 | $ | 983 | |||||||||||
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 8.81 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 | $ | 1,371 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | $ | 2,842 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | 27 | (15 | ) | 37 | 67 | 43 | 34 | |||||||||||||||||
Fixed charges | 240 | 536 | 682 | 849 | 802 | 2,309 | ||||||||||||||||||
Adjusted earnings | (C) | $ | 1,638 | $ | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | $ | 5,185 | |||||||||||
Interest on short-term borrowings and deposits | $ | 92 | $ | 239 | $ | 316 | $ | 470 | $ | 413 | $ | 2,000 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 84 | 176 | 241 | 235 | 251 | 187 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 64 | 121 | 125 | 144 | 138 | 122 | ||||||||||||||||||
Fixed charges | (D) | $ | 240 | $ | 536 | $ | 682 | $ | 849 | $ | 802 | $ | 2,309 | |||||||||||
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 6.83 x | 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.