EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Years Ended December 31, | ||||||||||||||||||||
| (Dollars in millions) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 2,899 | $ | 2,120 | $ | 2,298 | $ | 2,437 | $ | 2,666 | ||||||||||
| Share of pre-tax income (loss) of unconsolidated entities | 254 | 349 | (700 | ) | (10 | ) | 1 | |||||||||||||
| Fixed charges | 385 | 334 | 321 | 318 | 365 | |||||||||||||||
| Adjusted earnings | (A) | $ | 3,538 | $ | 2,803 | $ | 1,919 | $ | 2,745 | $ | 3,032 | |||||||||
| Interest on short-term borrowings | $ | 12 | $ | 8 | $ | 7 | $ | 6 | $ | 60 | ||||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 289 | 240 | 219 | 206 | 184 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 84 | 86 | 95 | 106 | 121 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 242 | 171 | 112 | 61 | 33 | |||||||||||||||
| Fixed charges and preferred stock dividends | (B) | $ | 627 | $ | 505 | $ | 433 | $ | 379 | $ | 398 | |||||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 5.64x | 5.55x | 4.43x | 7.24x | 7.62x | ||||||||||||||
| INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 2,899 | $ | 2,120 | $ | 2,298 | $ | 2,437 | $ | 2,666 | ||||||||||
| Share of pre-tax income (loss) of unconsolidated entities | 254 | 349 | (700 | ) | (10 | ) | 1 | |||||||||||||
| Fixed charges | 548 | 419 | 418 | 416 | 458 | |||||||||||||||
| Adjusted earnings | (C) | $ | 3,701 | $ | 2,888 | $ | 2,016 | $ | 2,843 | $ | 3,125 | |||||||||
| Interest on short-term borrowings and deposits | $ | 175 | $ | 93 | $ | 104 | $ | 104 | $ | 153 | ||||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 289 | 240 | 219 | 206 | 184 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 84 | 86 | 95 | 106 | 121 | |||||||||||||||
Preferred stock dividends and related adjustments(2) | 242 | 171 | 112 | 61 | 33 | |||||||||||||||
| Fixed charges and preferred stock dividends | (D) | $ | 790 | $ | 590 | $ | 530 | $ | 477 | $ | 491 | |||||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits | (C)/(D) | 4.68x | 4.89x | 3.80x | 5.96x | 6.36x | ||||||||||||||
(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) | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 2,899 | $ | 2,120 | $ | 2,298 | $ | 2,437 | $ | 2,666 | ||||||||||
| Share of pre-tax income (loss) of unconsolidated entities | 254 | 349 | (700 | ) | (10 | ) | 1 | |||||||||||||
| Fixed charges | 385 | 334 | 321 | 318 | 365 | |||||||||||||||
| Adjusted earnings | (A) | $ | 3,538 | $ | 2,803 | $ | 1,919 | $ | 2,745 | $ | 3,032 | |||||||||
| Interest on short-term borrowings | $ | 12 | $ | 8 | $ | 7 | $ | 6 | $ | 60 | ||||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 289 | 240 | 219 | 206 | 184 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 84 | 86 | 95 | 106 | 121 | |||||||||||||||
| Fixed charges | (B) | $ | 385 | $ | 334 | $ | 321 | $ | 318 | $ | 365 | |||||||||
| Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 9.19x | 8.39x | 5.98x | 8.63x | 8.31x | ||||||||||||||
| INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||
| Pre-tax income from continuing operations, as reported | $ | 2,899 | $ | 2,120 | $ | 2,298 | $ | 2,437 | $ | 2,666 | ||||||||||
| Share of pre-tax income (loss) of unconsolidated entities | 254 | 349 | (700 | ) | (10 | ) | 1 | |||||||||||||
| Fixed charges | 548 | 419 | 418 | 416 | 458 | |||||||||||||||
| Adjusted earnings | (C) | $ | 3,701 | $ | 2,888 | $ | 2,016 | $ | 2,843 | $ | 3,125 | |||||||||
| Interest on short-term borrowings and deposits | $ | 175 | $ | 93 | $ | 104 | $ | 104 | $ | 153 | ||||||||||
| Interest on long-term debt, including amortization of debt issuance costs | 289 | 240 | 219 | 206 | 184 | |||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 84 | 86 | 95 | 106 | 121 | |||||||||||||||
| Fixed charges | (D) | $ | 548 | $ | 419 | $ | 418 | $ | 416 | $ | 458 | |||||||||
| Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 6.75x | 6.89x | 4.82x | 6.83x | 6.82x | ||||||||||||||
(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.