EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Six Months Ended June 30, | 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 | $ | 1,201 | $ | 2,686 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (18 | ) | 1 | (15 | ) | 37 | 67 | 43 | ||||||||||||||||
Fixed charges | 164 | 365 | 370 | 462 | 636 | 607 | ||||||||||||||||||
Adjusted earnings | (A) | $ | 1,347 | $ | 3,052 | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | |||||||||||
Interest on short-term borrowings | $ | 3 | $ | 60 | $ | 73 | $ | 96 | $ | 257 | $ | 218 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 107 | 184 | 176 | 241 | 235 | 251 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 54 | 121 | 121 | 125 | 144 | 138 | ||||||||||||||||||
Preferred stock dividends and related adjustments(2) | 31 | 33 | 39 | 27 | — | 226 | ||||||||||||||||||
Fixed charges and preferred stock dividends | (B) | $ | 195 | $ | 398 | $ | 409 | $ | 489 | $ | 636 | $ | 833 | |||||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 6.91x | 7.67x | 7.63x | 6.21x | 4.39x | 3.81x | |||||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,201 | $ | 2,686 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (18 | ) | 1 | (15 | ) | 37 | 67 | 43 | ||||||||||||||||
Fixed charges | 197 | 458 | 536 | 682 | 849 | 802 | ||||||||||||||||||
Adjusted earnings | (C) | $ | 1,380 | $ | 3,145 | $ | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | |||||||||||
Interest on short-term borrowings and deposits | $ | 36 | $ | 153 | $ | 239 | $ | 316 | $ | 470 | $ | 413 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 107 | 184 | 176 | 241 | 235 | 251 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 54 | 121 | 121 | 125 | 144 | 138 | ||||||||||||||||||
Preferred stock dividends and related adjustments(2) | 31 | 33 | 39 | 27 | — | 226 | ||||||||||||||||||
Fixed charges and preferred stock dividends | (D) | $ | 228 | $ | 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) | 6.05x | 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
Six Months Ended June 30, | 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 | $ | 1,201 | $ | 2,686 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (18 | ) | 1 | (15 | ) | 37 | 67 | 43 | ||||||||||||||||
Fixed charges | 164 | 365 | 370 | 462 | 636 | 607 | ||||||||||||||||||
Adjusted earnings | (A) | $ | 1,347 | $ | 3,052 | $ | 3,121 | $ | 3,035 | $ | 2,789 | $ | 3,175 | |||||||||||
Interest on short-term borrowings | $ | 3 | $ | 60 | $ | 73 | $ | 96 | $ | 257 | $ | 218 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 107 | 184 | 176 | 241 | 235 | 251 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 54 | 121 | 121 | 125 | 144 | 138 | ||||||||||||||||||
Fixed charges | (B) | $ | 164 | $ | 365 | $ | 370 | $ | 462 | $ | 636 | $ | 607 | |||||||||||
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 8.21x | 8.36x | 8.44x | 6.57x | 4.39x | 5.23x | |||||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,201 | $ | 2,686 | $ | 2,766 | $ | 2,536 | $ | 2,086 | $ | 2,525 | ||||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (18 | ) | 1 | (15 | ) | 37 | 67 | 43 | ||||||||||||||||
Fixed charges | 197 | 458 | 536 | 682 | 849 | 802 | ||||||||||||||||||
Adjusted earnings | (C) | $ | 1,380 | $ | 3,145 | $ | 3,287 | $ | 3,255 | $ | 3,002 | $ | 3,370 | |||||||||||
Interest on short-term borrowings and deposits | $ | 36 | $ | 153 | $ | 239 | $ | 316 | $ | 470 | $ | 413 | ||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 107 | 184 | 176 | 241 | 235 | 251 | ||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 54 | 121 | 121 | 125 | 144 | 138 | ||||||||||||||||||
Fixed charges | (D) | $ | 197 | $ | 458 | $ | 536 | $ | 682 | $ | 849 | $ | 802 | |||||||||||
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 7.01x | 6.87x | 6.13x | 4.77x | 3.54x | 4.20x |
___________________________
(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.