State Street (STT) 10-Q 2005 Q1 Quarterly report

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EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

	Three Months Ended March 31, 2005			Years Ended December 31,
(Dollars in millions)
				2004			2003			2002			2001			2000
(A) Excluding interest on deposits:
Earnings:
Income before income taxes	$	351		$	1,231		$	1,123		$	1,554		$	944		$	914
Fixed charges		182			481			424			552			1,025			1,387
Earnings as adjusted	$	533		$	1,712		$	1,547		$	2,106		$	1,969		$	2,301
Income before income taxes:
Pre-tax income from continuing operations as reported	$	342		$	1,192		$	1,112		$	1,555		$	930		$	906
Share of pre-tax income (loss) of 50% owned subsidiaries not included in above		9			39			11			(1	)		14			8
Net income as adjusted	$	351		$	1,231		$	1,123		$	1,554		$	944		$	914
Fixed charges:
Interest on other borrowings	$	134		$	315		$	279		$	426		$	881		$	1,268
Interest on long-term debt, including amortization of debt issue costs		21			68			69			71			93			82
Portion of rents representative of the interest factor in long-term leases(1)		27			98			76			55			51			37
Fixed charges	$	182		$	481		$	424		$	552		$	1,025		$	1,387
Ratio of earnings to fixed charges		2.93	x		3.56	x		3.65	x		3.82	x		1.92	x		1.66	x
(B) Including interest on deposits:
Adjusted earnings from (A) above	$	533		$	1,712		$	1,547		$	2,106		$	1,969		$	2,301
Add interest on deposits		226			512			372			498			856			1,012
Earnings as adjusted	$	759		$	2,224		$	1,919		$	2,604		$	2,825		$	3,313
Fixed charges:
Fixed charges from (A) above	$	182		$	481		$	424		$	552		$	1,025		$	1,387
Interest on deposits		226			512			372			498			856			1,012
Adjusted fixed charges	$	408		$	993		$	796		$	1,050		$	1,881		$	2,399
Adjusted earnings to adjusted fixed charges		1.86	x		2.24	x		2.41	x		2.48	x		1.50	x		1.38	x

⁽¹⁾

The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the Consolidated Statement of Income.

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EXHIBIT 12
STATE STREET CORPORATION