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EXHIBIT 12
Ratios of Earnings to Fixed Charges
| | Nine Months Ended September 30, 2007 | Years Ended December 31, | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in millions) | | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,597 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | $ | 1,555 | |||||||||
Share of pre-tax income (loss) of unconsolidated subsidiaries | 60 | 43 | 16 | 39 | 11 | (1 | ) | ||||||||||||||
Fixed charges | 977 | 1,384 | 948 | 481 | 424 | 552 | |||||||||||||||
Earnings | (A) | $ | 2,634 | $ | 3,198 | $ | 2,396 | $ | 1,712 | $ | 1,547 | $ | 2,106 | ||||||||
Interest on other short-term borrowings | $ | 762 | $ | 1,145 | $ | 753 | $ | 315 | $ | 279 | $ | 426 | |||||||||
Interest on long-term debt, including amortization of debt issuance costs | 141 | 140 | 100 | 68 | 69 | 71 | |||||||||||||||
Portion of rents representative of the interest factor on long-term leases(1) | 74 | 99 | 95 | 98 | 76 | 55 | |||||||||||||||
Fixed charges | (B) | $ | 977 | $ | 1,384 | $ | 948 | $ | 481 | $ | 424 | $ | 552 | ||||||||
Consolidated ratios of earnings to fixed charges, excluding interest on deposits | (A)/(B) | 2.70 | x | 2.31 | x | 2.53 | x | 3.56 | x | 3.65 | x | 3.82 | x | ||||||||
INCLUDING INTEREST ON DEPOSITS: | |||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 1,597 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | $ | 1,555 | |||||||||
Share of pre-tax income (loss) of unconsolidated subsidiaries | 60 | 43 | 16 | 39 | 11 | (1 | ) | ||||||||||||||
Fixed charges | 2,631 | 3,275 | 2,080 | 993 | 796 | 1,050 | |||||||||||||||
Earnings | (C) | $ | 4,288 | $ | 5,089 | $ | 3,528 | $ | 2,224 | $ | 1,919 | $ | 2,604 | ||||||||
Interest on other short-term borrowings and deposits | $ | 2,416 | $ | 3,036 | $ | 1,885 | $ | 827 | $ | 651 | $ | 924 | |||||||||
Interest on long-term debt, including amortization of debt issuance costs | 141 | 140 | 100 | 68 | 69 | 71 | |||||||||||||||
Portion of rents representative of the interest factor on long-term leases(1) | 74 | 99 | 95 | 98 | 76 | 55 | |||||||||||||||
Fixed charges | (D) | $ | 2,631 | $ | 3,275 | $ | 2,080 | $ | 993 | $ | 796 | $ | 1,050 | ||||||||
Consolidated ratios of earnings to fixed charges, including interest on deposits | (C)/(D) | 1.63 | x | 1.55 | x | 1.70 | x | 2.24 | x | 2.41 | x | 2.48 | 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 our consolidated statement of income.
STATE STREET CORPORATION