EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Years Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,298 | $ | 2,437 | $ | 2,666 | $ | 2,747 | $ | 2,518 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (700 | ) | (10 | ) | 1 | (15 | ) | 37 | ||||||||||||
Fixed charges | 321 | 318 | 365 | 370 | 462 | |||||||||||||||
Adjusted earnings | (A) | $ | 1,919 | $ | 2,745 | $ | 3,032 | $ | 3,102 | $ | 3,017 | |||||||||
Interest on short-term borrowings | $ | 7 | $ | 6 | $ | 60 | $ | 73 | $ | 96 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 219 | 206 | 184 | 176 | 241 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 95 | 106 | 121 | 121 | 125 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 112 | 61 | 33 | 39 | 27 | |||||||||||||||
Fixed charges and preferred stock dividends | (B) | $ | 433 | $ | 379 | $ | 398 | $ | 409 | $ | 489 | |||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 4.43x | 7.24x | 7.62x | 7.58x | 6.17x | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,298 | $ | 2,437 | $ | 2,666 | $ | 2,747 | $ | 2,518 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (700 | ) | (10 | ) | 1 | (15 | ) | 37 | ||||||||||||
Fixed charges | 418 | 416 | 458 | 536 | 682 | |||||||||||||||
Adjusted earnings | (C) | $ | 2,016 | $ | 2,843 | $ | 3,125 | $ | 3,268 | $ | 3,237 | |||||||||
Interest on short-term borrowings and deposits | $ | 104 | $ | 104 | $ | 153 | $ | 239 | $ | 316 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 219 | 206 | 184 | 176 | 241 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 95 | 106 | 121 | 121 | 125 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 112 | 61 | 33 | 39 | 27 | |||||||||||||||
Fixed charges and preferred stock dividends | (D) | $ | 530 | $ | 477 | $ | 491 | $ | 575 | $ | 709 | |||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits | (C)/(D) | 3.80x | 5.96x | 6.36x | 5.68x | 4.57x |
___________________________
(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
Years Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,298 | $ | 2,437 | $ | 2,666 | $ | 2,747 | $ | 2,518 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (700 | ) | (10 | ) | 1 | (15 | ) | 37 | ||||||||||||
Fixed charges | 321 | 318 | 365 | 370 | 462 | |||||||||||||||
Adjusted earnings | (A) | $ | 1,919 | $ | 2,745 | $ | 3,032 | $ | 3,102 | $ | 3,017 | |||||||||
Interest on short-term borrowings | $ | 7 | $ | 6 | $ | 60 | $ | 73 | $ | 96 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 219 | 206 | 184 | 176 | 241 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 95 | 106 | 121 | 121 | 125 | |||||||||||||||
Fixed charges | (B) | $ | 321 | $ | 318 | $ | 365 | $ | 370 | $ | 462 | |||||||||
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 5.98x | 8.63x | 8.31x | 8.38x | 6.53x | ||||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,298 | $ | 2,437 | $ | 2,666 | $ | 2,747 | $ | 2,518 | ||||||||||
Share of pre-tax income (loss) of unconsolidated entities | (700 | ) | (10 | ) | 1 | (15 | ) | 37 | ||||||||||||
Fixed charges | 418 | 416 | 458 | 536 | 682 | |||||||||||||||
Adjusted earnings | (C) | $ | 2,016 | $ | 2,843 | $ | 3,125 | $ | 3,268 | $ | 3,237 | |||||||||
Interest on short-term borrowings and deposits | $ | 104 | $ | 104 | $ | 153 | $ | 239 | $ | 316 | ||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 219 | 206 | 184 | 176 | 241 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 95 | 106 | 121 | 121 | 125 | |||||||||||||||
Fixed charges | (D) | $ | 418 | $ | 416 | $ | 458 | $ | 536 | $ | 682 | |||||||||
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 4.82x | 6.83x | 6.82x | 6.10x | 4.75x |
___________________________
(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.