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) | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| EXCLUDING INTEREST ON DEPOSITS: | | | | | | | | | | | | |
| Pre-tax income from continuing operations, as reported | | $ | 1,139 |
| | $ | 2,298 |
| | $ | 2,437 |
| | $ | 2,666 |
| | $ | 2,747 |
| | $ | 2,518 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | (210 | ) | | (700 | ) | | (10 | ) | | 1 |
| | (15 | ) | | 37 |
|
| Fixed charges | | 155 |
| | 321 |
| | 318 |
| | 365 |
| | 370 |
| | 462 |
|
| Adjusted earnings | (A) | $ | 1,084 |
| | $ | 1,919 |
| | $ | 2,745 |
| | $ | 3,032 |
| | $ | 3,102 |
| | $ | 3,017 |
|
| Interest on short-term borrowings | | $ | 2 |
| | $ | 7 |
| | $ | 6 |
| | $ | 60 |
| | $ | 73 |
| | $ | 96 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 111 |
| | 219 |
| | 206 |
| | 184 |
| | 176 |
| | 241 |
|
Portion of long-term leases representative of the interest factor(1) | | 42 |
| | 95 |
| | 106 |
| | 121 |
| | 121 |
| | 125 |
|
Preferred stock dividends and related adjustments(2) | | 95 |
| | 112 |
| | 61 |
| | 33 |
| | 39 |
| | 27 |
|
| Fixed charges and preferred stock dividends | (B) | $ | 250 |
| | $ | 433 |
| | $ | 379 |
| | $ | 398 |
| | $ | 409 |
| | $ | 489 |
|
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 4.34 x |
| | 4.43x |
| | 7.24x |
| | 7.62x |
| | 7.58x |
| | 6.17x |
|
| INCLUDING INTEREST ON DEPOSITS: | | | | |
| | |
| | | | |
| | |
|
| Pre-tax income from continuing operations, as reported | | $ | 1,139 |
| | $ | 2,298 |
| | $ | 2,437 |
| | $ | 2,666 |
| | $ | 2,747 |
| | $ | 2,518 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | (210 | ) | | (700 | ) | | (10 | ) | | 1 |
| | (15 | ) | | 37 |
|
| Fixed charges | | 209 |
| | 418 |
| | 416 |
| | 458 |
| | 536 |
| | 682 |
|
| Adjusted earnings | (C) | $ | 1,138 |
| | $ | 2,016 |
| | $ | 2,843 |
| | $ | 3,125 |
| | $ | 3,268 |
| | $ | 3,237 |
|
| Interest on short-term borrowings and deposits | | $ | 56 |
| | $ | 104 |
| | $ | 104 |
| | $ | 153 |
| | $ | 239 |
| | $ | 316 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 111 |
| | 219 |
| | 206 |
| | 184 |
| | 176 |
| | 241 |
|
Portion of long-term leases representative of the interest factor(1) | | 42 |
| | 95 |
| | 106 |
| | 121 |
| | 121 |
| | 125 |
|
Preferred stock dividends and related adjustments(2) | | 95 |
| | 112 |
| | 61 |
| | 33 |
| | 39 |
| | 27 |
|
| Fixed charges and preferred stock dividends | (D) | $ | 304 |
| | $ | 530 |
| | $ | 477 |
| | $ | 491 |
| | $ | 575 |
| | $ | 709 |
|
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits | (C)/(D) | 3.74 x |
| | 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
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended June 30, | | Years Ended December 31, |
| (Dollars in millions) | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 | | 2011 |
| EXCLUDING INTEREST ON DEPOSITS: | | | | | | | | | | | | |
| Pre-tax income from continuing operations, as reported | | $ | 1,139 |
| | $ | 2,298 |
| | $ | 2,437 |
| | $ | 2,666 |
| | $ | 2,747 |
| | $ | 2,518 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | (210 | ) | | (700 | ) | | (10 | ) | | 1 |
| | (15 | ) | | 37 |
|
| Fixed charges | | 155 |
| | 321 |
| | 318 |
| | 365 |
| | 370 |
| | 462 |
|
| Adjusted earnings | (A) | $ | 1,084 |
| | $ | 1,919 |
| | $ | 2,745 |
| | $ | 3,032 |
| | $ | 3,102 |
| | $ | 3,017 |
|
| Interest on short-term borrowings | | $ | 2 |
| | $ | 7 |
| | $ | 6 |
| | $ | 60 |
| | $ | 73 |
| | $ | 96 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 111 |
| | 219 |
| | 206 |
| | 184 |
| | 176 |
| | 241 |
|
Portion of long-term leases representative of the interest factor(1) | | 42 |
| | 95 |
| | 106 |
| | 121 |
| | 121 |
| | 125 |
|
| Fixed charges | (B) | $ | 155 |
| | $ | 321 |
| | $ | 318 |
| | $ | 365 |
| | $ | 370 |
| | $ | 462 |
|
| Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 6.99 x |
| | 5.98x |
| | 8.63x |
| | 8.31x |
| | 8.38x |
| | 6.53x |
|
| INCLUDING INTEREST ON DEPOSITS: | | | | | | | | |
| | |
| | |
|
| Pre-tax income from continuing operations, as reported | | $ | 1,139 |
| | $ | 2,298 |
| | $ | 2,437 |
| | $ | 2,666 |
| | $ | 2,747 |
| | $ | 2,518 |
|
| Share of pre-tax income (loss) of unconsolidated entities | | (210 | ) | | (700 | ) | | (10 | ) | | 1 |
| | (15 | ) | | 37 |
|
| Fixed charges | | 209 |
| | 418 |
| | 416 |
| | 458 |
| | 536 |
| | 682 |
|
| Adjusted earnings | (C) | $ | 1,138 |
| | $ | 2,016 |
| | $ | 2,843 |
| | $ | 3,125 |
| | $ | 3,268 |
| | $ | 3,237 |
|
| Interest on short-term borrowings and deposits | | $ | 56 |
| | $ | 104 |
| | $ | 104 |
| | $ | 153 |
| | $ | 239 |
| | $ | 316 |
|
| Interest on long-term debt, including amortization of debt issuance costs | | 111 |
| | 219 |
| | 206 |
| | 184 |
| | 176 |
| | 241 |
|
Portion of long-term leases representative of the interest factor(1) | | 42 |
| | 95 |
| | 106 |
| | 121 |
| | 121 |
| | 125 |
|
| Fixed charges | (D) | $ | 209 |
| | $ | 418 |
| | $ | 416 |
| | $ | 458 |
| | $ | 536 |
| | $ | 682 |
|
| Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 5.44 x |
| | 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.
