EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
(Dollars in millions) | Six months ended June 30, 2001 | Year Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2000 | 1999 | 1998 | 1997 | 1996 | |||||||||||||||
(A) Excluding interest on deposits: | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ 432 | $ 914 | $ 974 | $ 662 | $ 568 | $ 453 | |||||||||||||
Fixed charges | 596 | 1,360 | 954 | 856 | 613 | 477 | |||||||||||||
Earnings as adjusted | $1,028 | $2,274 | $1,928 | $1,518 | $1,181 | $ 930 | |||||||||||||
Income before income taxes | |||||||||||||||||||
Pretax income from continuing operations as reported | $ 431 | $ 906 | $ 968 | $ 657 | $ 564 | $ 447 | |||||||||||||
Share of pretax income (loss) of 50% owned subsidiaries not included in above | 1 | 8 | 6 | 5 | 4 | 6 | |||||||||||||
Net income as adjusted | $ 432 | $ 914 | $ 974 | $ 662 | $ 568 | $ 453 | |||||||||||||
Fixed charges: | |||||||||||||||||||
Interest on other borrowings | $ 545 | $1,268 | $ 874 | $ 770 | $ 548 | $ 452 | |||||||||||||
Interest on long-term debt including amortization of debt issue costs | 46 | 82 | 70 | 66 | 55 | 15 | |||||||||||||
Portion of rents representative of the interest factor in long term lease | 5 | 10 | 10 | 20 | 10 | 10 | |||||||||||||
Fixed charges | $ 596 | $1,360 | $ 954 | $ 856 | $ 613 | $ 477 | |||||||||||||
Ratio of earnings to fixed charges | 1.72 | x | 1.67 | x | 2.02 | x | 1.77 | x | 1.93 | x | 1.95 | x | |||||||
(B) Including interest on deposits: | |||||||||||||||||||
Adjusted earnings from (A) above | $1,028 | $2,274 | $1,928 | $1,518 | $1,181 | $ 930 | |||||||||||||
Add interest on deposits | 511 | 1,012 | 712 | 656 | 512 | 425 | |||||||||||||
Earnings as adjusted | $1,539 | $3,286 | $2,640 | $2,174 | $1,693 | $1,355 | |||||||||||||
Fixed charges: | |||||||||||||||||||
Fixed charges from (A) above | $ 596 | $1,360 | $ 954 | $ 856 | $ 613 | $ 477 | |||||||||||||
Interest on deposits | 511 | 1,012 | 712 | 656 | 512 | 425 | |||||||||||||
Adjusted fixed charges | $1,107 | $2,372 | $1,666 | $1,512 | $1,125 | $ 902 | |||||||||||||
Adjusted earnings to adjusted fixed charges | 1.39 | x | 1.39 | x | 1.58 | x | 1.44 | x | 1.50 | x | 1.50 | x |