State Street (STT) 10-Q2014 Q1 Quarterly report

Filed: 9 May 14, 12:00am

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Legalese
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Readability	H.S. freshman Avg

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Removed: acceptability, algorithmically, allocating, amid, Asian, assistance, attention, automatically, bearing, breached, calibrate, certified, collectibility, comparing, constitute, constrain, correspondingly, counsel, defending, denomination, deployment, designing, desire, diagnostic, dictate, diligence, disbursement, discipline, dispute, downside, drove, earning, emerge, escalation, establishing, exclusive, exhibit, expiration, explicitly, extendible, fall, finalized, fiscal, flattening, forecasted, Formula, functional, fundamental, gauge, governing, granular, harmonized, importance, imported, inception, indexing, intentionally, interpreted, intervening, inventory, involuntarily, leg, limiting, Luxembourg, marketable, offered, output, overcharged, overdraw, overstate, passed, penalty, perception, pillar, placement, plaintiff, possession, predefined, prevent, profit, qualifying, quickly, rare, Recommend, recommendation, reducing, refined, regulated, reimbursed, renewal, renewed, replacing, replicable, request, resell, reset, resource, restrictive, reverse, runoff, satisfaction, scaling, secure, selection, selective, shared, shifting, shown, Simplified, solvency, spending, SSFA, steepening, substantive, summarize, supervisory, supplement, supported, terminated, terrorist, traded, transparent, TRMC, uncertainty, understate, undertook, unforeseen, unusual, update, variously, version, Washington, weak, weekly, withdrew, wound

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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,			Years Ended December 31,
(Dollars in millions)		2014			2013		2012			2011		2010		2009
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	455		$	2,686	$	2,766		$	2,536	$	2,086	$	2,525
Share of pre-tax income (loss) of unconsolidated entities		(8		)	1		(15		)	37		67		43
Fixed charges		95			365		370			462		636		607
Adjusted earnings	(A)	$	542		$	3,052	$	3,121		$	3,035	$	2,789	$	3,175
Interest on short-term borrowings		$	15		$	60	$	73		$	96	$	257	$	218
Interest on long-term debt, including amortization of debt issuance costs		53			184		176			241		235		251
Portion of long-term leases representative of the interest factor⁽¹⁾		27			121		121			125		144		138
Preferred stock dividends and related adjustments⁽²⁾		8			33		39			27		—		226
Fixed charges and preferred stock dividends	(B)	$	103		$	398	$	409		$	489	$	636	$	833
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits	(A)/(B)	5.26x			7.67x		7.63x			6.21x		4.39x		3.81x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	455		$	2,686	$	2,766		$	2,536	$	2,086	$	2,525
Share of pre-tax income (loss) of unconsolidated entities		(8		)	1		(15		)	37		67		43
Fixed charges		110			458		536			682		849		802
Adjusted earnings	(C)	$	557		$	3,145	$	3,287		$	3,255	$	3,002	$	3,370
Interest on short-term borrowings and deposits		$	30		$	153	$	239		$	316	$	470	$	413
Interest on long-term debt, including amortization of debt issuance costs		53			184		176			241		235		251
Portion of long-term leases representative of the interest factor⁽¹⁾		27			121		121			125		144		138
Preferred stock dividends and related adjustments⁽²⁾		8			33		39			27		—		226
Fixed charges and preferred stock dividends	(D)	$	118		$	491	$	575		$	709	$	849	$	1,028
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits	(C)/(D)	4.72x			6.41x		5.72x			4.59x		3.54x		3.28x

___________________________

⁽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,			Year Ended December 31,
(Dollars in millions)		2014			2013		2012			2011		2010		2009
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	455		$	2,686	$	2,766		$	2,536	$	2,086	$	2,525
Share of pre-tax income (loss) of unconsolidated entities		(8		)	1		(15		)	37		67		43
Fixed charges		95			365		370			462		636		607
Adjusted earnings	(A)	$	542		$	3,052	$	3,121		$	3,035	$	2,789	$	3,175
Interest on short-term borrowings		$	15		$	60	$	73		$	96	$	257	$	218
Interest on long-term debt, including amortization of debt issuance costs		53			184		176			241		235		251
Portion of long-term leases representative of the interest factor⁽¹⁾		27			121		121			125		144		138
Fixed charges	(B)	$	95		$	365	$	370		$	462	$	636	$	607
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits	(A)/(B)	5.71x			8.36x		8.44x			6.57x		4.39x		5.23x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	455		$	2,686	$	2,766		$	2,536	$	2,086	$	2,525
Share of pre-tax income (loss) of unconsolidated entities		(8		)	1		(15		)	37		67		43
Fixed charges		110			458		536			682		849		802
Adjusted earnings	(C)	$	557		$	3,145	$	3,287		$	3,255	$	3,002	$	3,370
Interest on short-term borrowings and deposits		$	30		$	153	$	239		$	316	$	470	$	413
Interest on long-term debt, including amortization of debt issuance costs		53			184		176			241		235		251
Portion of long-term leases representative of the interest factor⁽¹⁾		27			121		121			125		144		138
Fixed charges	(D)	$	110		$	458	$	536		$	682	$	849	$	802
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits	(C)/(D)	5.06x			6.87x		6.13x			4.77x		3.54x		4.20x

___________________________

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