State Street (STT) 10-Q 2004 Q2 Quarterly report

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EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

			Years Ended December 31,
(Dollars in millions)	Six Months Ended June 30, 2004
			2003		2002			2001		2000		1999
(A) Excluding interest on deposits:
Earnings:
Income before income taxes	$	660	$	1,123	$	1,554		$	944	$	914	$	974
Fixed charges		174		375		506			983		1,360		954
Earnings as adjusted	$	834	$	1,498	$	2,060		$	1,927	$	2,274	$	1,928
Income before income taxes:
Pre-tax income from continuing operations as reported	$	645	$	1,112	$	1,555		$	930	$	906	$	968
Share of pre-tax income (loss) of 50% owned subsidiaries not included in above		15		11		(1	)		14		8		6
Net income as adjusted	$	660	$	1,123	$	1,554		$	944	$	914	$	974
Fixed charges:
Interest on other borrowings	$	112	$	279	$	426		$	881	$	1,268	$	874
Interest on long-term debt, including amortization of debt issue costs		46		78		71			93		82		70
Portion of rents representative of the interest factor in long-term leases		16		18		9			9		10		10
Fixed charges	$	174	$	375	$	506		$	983	$	1,360	$	954
Ratio of earnings to fixed charges		4.79x		4.00x		4.07x			1.96x		1.67x		2.02x
(B) Including interest on deposits:
Adjusted earnings from (A) above	$	834	$	1,498	$	2,060		$	1,927	$	2,274	$	1,928
Add interest on deposits		205		372		498			856		1,012		712
Earnings as adjusted	$	1,039	$	1,870	$	2,558		$	2,783	$	3,286	$	2,640
Fixed charges:
Fixed charges from (A) above	$	174	$	375	$	506		$	983	$	1,360	$	954
Interest on deposits		205		372		498			856		1,012		712
Adjusted fixed charges	$	379	$	747	$	1,004		$	1,839	$	2,372	$	1,666
Adjusted earnings to adjusted fixed charges		2.74x		2.50x		2.55x			1.51x		1.39x		1.58x

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Ratio of Earnings to Fixed Charges