EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 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 | | $ | 2,074 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
| | $ | 2,842 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | 18 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
| | 34 |
|
| Fixed charges | | 273 |
| | 370 |
| | 462 |
| | 636 |
| | 607 |
| | 983 |
|
| Adjusted earnings | (A) | $ | 2,365 |
| | $ | 3,121 |
| | $ | 3,035 |
| | $ | 2,789 |
| | $ | 3,175 |
| | $ | 3,859 |
|
| Interest on short-term borrowings | | $ | 46 |
| | $ | 73 |
| | $ | 96 |
| | $ | 257 |
| | $ | 218 |
| | $ | 674 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 132 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
| | 187 |
|
Portion of long-term leases representative of the interest factor(1) | | 95 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
| | 122 |
|
Preferred stock dividends and related adjustments(2) | | 26 |
| | 39 |
| | 27 |
| | — |
| | 226 |
| | 34 |
|
| Fixed charges and preferred stock dividends | (B) | $ | 299 |
| | $ | 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) | 7.91 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 | | $ | 2,074 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
| | $ | 2,842 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | 18 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
| | 34 |
|
| Fixed charges | | 351 |
| | 536 |
| | 682 |
| | 849 |
| | 802 |
| | 2,309 |
|
| Adjusted earnings | (C) | 2,443 |
| | $ | 3,287 |
| | $ | 3,255 |
| | $ | 3,002 |
| | $ | 3,370 |
| | $ | 5,185 |
|
| Interest on short-term borrowings and deposits | | $ | 124 |
| | $ | 239 |
| | $ | 316 |
| | $ | 470 |
| | $ | 413 |
| | $ | 2,000 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 132 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
| | 187 |
|
Portion of long-term leases representative of the interest factor(1) | | 95 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
| | 122 |
|
Preferred stock dividends and related adjustments(2) | | 26 |
| | 39 |
| | 27 |
| | — |
| | 226 |
| | 34 |
|
| Fixed charges and preferred stock dividends | (D) | $ | 377 |
| | $ | 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) | 6.48 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
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended September 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 | | $ | 2,074 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
| | $ | 2,842 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | 18 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
| | 34 |
|
| Fixed charges | | 273 |
| | 370 |
| | 462 |
| | 636 |
| | 607 |
| | 983 |
|
| Adjusted earnings | (A) | $ | 2,365 |
| | $ | 3,121 |
| | $ | 3,035 |
| | $ | 2,789 |
| | $ | 3,175 |
| | $ | 3,859 |
|
| Interest on short-term borrowings | | $ | 46 |
| | $ | 73 |
| | $ | 96 |
| | $ | 257 |
| | $ | 218 |
| | $ | 674 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 132 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
| | 187 |
|
Portion of long-term leases representative of the interest factor(1) | | 95 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
| | 122 |
|
| Fixed charges | (B) | $ | 273 |
| | $ | 370 |
| | $ | 462 |
| | $ | 636 |
| | $ | 607 |
| | $ | 983 |
|
| Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 8.66 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 | | $ | 2,074 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
| | $ | 2,842 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | 18 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
| | 34 |
|
| Fixed charges | | 351 |
| | 536 |
| | 682 |
| | 849 |
| | 802 |
| | 2,309 |
|
| Adjusted earnings | (C) | $ | 2,443 |
| | $ | 3,287 |
| | $ | 3,255 |
| | $ | 3,002 |
| | $ | 3,370 |
| | $ | 5,185 |
|
| Interest on short-term borrowings and deposits | | $ | 124 |
| | $ | 239 |
| | $ | 316 |
| | $ | 470 |
| | $ | 413 |
| | $ | 2,000 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 132 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
| | 187 |
|
Portion of long-term leases representative of the interest factor(1) | | 95 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
| | 122 |
|
| Fixed charges | (D) | $ | 351 |
| | $ | 536 |
| | $ | 682 |
| | $ | 849 |
| | $ | 802 |
| | $ | 2,309 |
|
| Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 6.96 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.
