EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 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 | | $ | 1,889 |
| | $ | 2,686 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
|
Share of pre-tax income (loss) of unconsolidated entities | | (27 | ) | | 1 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
|
Fixed charges | | 241 |
| | 365 |
| | 370 |
| | 462 |
| | 636 |
| | 607 |
|
Adjusted earnings | (A) | $ | 2,103 |
| | $ | 3,052 |
| | $ | 3,121 |
| | $ | 3,035 |
| | $ | 2,789 |
| | $ | 3,175 |
|
Interest on short-term borrowings | | $ | 4 |
| | $ | 60 |
| | $ | 73 |
| | $ | 96 |
| | $ | 257 |
| | $ | 218 |
|
Interest on long-term debt, including amortization of debt issuance costs | | 156 |
| | 184 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
|
Portion of long-term leases representative of the interest factor(1) | | 81 |
| | 121 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
|
Preferred stock dividends and related adjustments(2) | | 53 |
| | 33 |
| | 39 |
| | 27 |
| | — |
| | 226 |
|
Fixed charges and preferred stock dividends | (B) | $ | 294 |
| | $ | 398 |
| | $ | 409 |
| | $ | 489 |
| | $ | 636 |
| | $ | 833 |
|
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 7.15x |
| | 7.67x |
| | 7.63x |
| | 6.21x |
| | 4.39x |
| | 3.81x |
|
INCLUDING INTEREST ON DEPOSITS: | | |
| | | | |
| | |
| | |
| | |
|
Pre-tax income from continuing operations, as reported | | $ | 1,889 |
| | $ | 2,686 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
|
Share of pre-tax income (loss) of unconsolidated entities | | (27 | ) | | 1 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
|
Fixed charges | | 307 |
| | 458 |
| | 536 |
| | 682 |
| | 849 |
| | 802 |
|
Adjusted earnings | (C) | $ | 2,169 |
| | $ | 3,145 |
| | $ | 3,287 |
| | $ | 3,255 |
| | $ | 3,002 |
| | $ | 3,370 |
|
Interest on short-term borrowings and deposits | | $ | 70 |
| | $ | 153 |
| | $ | 239 |
| | $ | 316 |
| | $ | 470 |
| | $ | 413 |
|
Interest on long-term debt, including amortization of debt issuance costs | | 156 |
| | 184 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
|
Portion of long-term leases representative of the interest factor(1) | | 81 |
| | 121 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
|
Preferred stock dividends and related adjustments(2) | | 53 |
| | 33 |
| | 39 |
| | 27 |
| | — |
| | 226 |
|
Fixed charges and preferred stock dividends | (D) | $ | 360 |
| | $ | 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) | 6.03x |
| | 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
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 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 | | $ | 1,889 |
| | $ | 2,686 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
|
Share of pre-tax income (loss) of unconsolidated entities | | (27 | ) | | 1 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
|
Fixed charges | | 241 |
| | 365 |
| | 370 |
| | 462 |
| | 636 |
| | 607 |
|
Adjusted earnings | (A) | $ | 2,103 |
| | $ | 3,052 |
| | $ | 3,121 |
| | $ | 3,035 |
| | $ | 2,789 |
| | $ | 3,175 |
|
Interest on short-term borrowings | | $ | 4 |
| | $ | 60 |
| | $ | 73 |
| | $ | 96 |
| | $ | 257 |
| | $ | 218 |
|
Interest on long-term debt, including amortization of debt issuance costs | | 156 |
| | 184 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
|
Portion of long-term leases representative of the interest factor(1) | | 81 |
| | 121 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
|
Fixed charges | (B) | $ | 241 |
| | $ | 365 |
| | $ | 370 |
| | $ | 462 |
| | $ | 636 |
| | $ | 607 |
|
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 8.73x |
| | 8.36x |
| | 8.44x |
| | 6.57x |
| | 4.39x |
| | 5.23x |
|
INCLUDING INTEREST ON DEPOSITS: | | |
| | | | |
| | |
| | |
| | |
|
Pre-tax income from continuing operations, as reported | | $ | 1,889 |
| | $ | 2,686 |
| | $ | 2,766 |
| | $ | 2,536 |
| | $ | 2,086 |
| | $ | 2,525 |
|
Share of pre-tax income (loss) of unconsolidated entities | | (27 | ) | | 1 |
| | (15 | ) | | 37 |
| | 67 |
| | 43 |
|
Fixed charges | | 307 |
| | 458 |
| | 536 |
| | 682 |
| | 849 |
| | 802 |
|
Adjusted earnings | (C) | $ | 2,169 |
| | $ | 3,145 |
| | $ | 3,287 |
| | $ | 3,255 |
| | $ | 3,002 |
| | $ | 3,370 |
|
Interest on short-term borrowings and deposits | | $ | 70 |
| | $ | 153 |
| | $ | 239 |
| | $ | 316 |
| | $ | 470 |
| | $ | 413 |
|
Interest on long-term debt, including amortization of debt issuance costs | | 156 |
| | 184 |
| | 176 |
| | 241 |
| | 235 |
| | 251 |
|
Portion of long-term leases representative of the interest factor(1) | | 81 |
| | 121 |
| | 121 |
| | 125 |
| | 144 |
| | 138 |
|
Fixed charges | (D) | $ | 307 |
| | $ | 458 |
| | $ | 536 |
| | $ | 682 |
| | $ | 849 |
| | $ | 802 |
|
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 7.07x |
| | 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.