State Street (STT) 10-Q2006 Q1 Quarterly report

Filed: 5 May 06, 12:00am

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Removed: adapt, adequately, adjusting, administered, advantage, affecting, afforded, AG, amendment, approximate, arising, assign, assimilated, attainment, attract, attracting, augment, behavior, bring, broadening, building, calculate, carefully, center, centralized, claim, client, close, Community, Competition, complementary, complex, complexity, comply, confidentiality, considerable, consolidation, constraining, continuity, continuously, contract, controlled, copyright, covered, created, critical, custodian, declined, defend, degree, delivery, demand, Department, depend, description, designation, detail, determining, develop, development, differentiate, differentiation, difficult, direction, disaster, discipline, diverse, divided, domestic, duration, eligibility, eliminate, emerged, enforce, enhance, ensuring, enter, escalate, estate, evaluate, examination, Examining, excluding, execution, expansion, extent, facilitate, facilitating, fail, fashion, feet, fewer, flat, floating, foregoing, fourth, frequency, gain, gap, gather, geographic, geographically, globally, governance, independent, inflation, infringed, infringement, innovative, integration, Internet, introduction, involved, involving, July, Labor, largest, leading, legislation, license, limitation, magnitude, maintaining, mandate, mandatory, marketplace, measuring, merger, merit, military, minimally, misappropriated, misappropriation, monetary, monitored, movement, multiple, negatively, obtained, occupancy, occurrence, October, outsource, pace, partially, participating, passive, percent, personnel, physical, planning, policy, political, postponed, precisely, predictable, predominantly, prevent, priced, private, professional, proportional, proprietary, publicity, qualified, qualitative, rapid, real, recovery, reform, regional, regulation, release, renew, replace, reprice, resale, retain, revise, revision, rose, satisfactory, scenario, secret, sensitivity, shape, shortened, simulated, social, software, sooner, sought, sound, space, speak, speed, spend, square, strategy, stringent, subjective, subsequent, subsidiary, substantial, suffer, supervisory, sustained, technical, technological, terminated, terminology, terrorist, trade, trademark, traditional, turmoil, turn, unauthorized, unforeseen, unfunded, unrelated, valuation, volatile, weighted, widespread, world

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EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

		Three Months Ended March 31,				Years Ended December 31,
(Dollars in millions)		2006				2005			2004			2003			2002			2001
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported			$	427		$	1,432		$	1,192		$	1,112		$	1,555		$	930
Share of pre-tax income (loss) of unconsolidated subsidiaries			2			16			39			11			(1		)	14
Fixed charges			319			948			481			424			552			1,025
Earnings	(A)		$	748		$	2,396		$	1,712		$	1,547		$	2,106		$	1,969
Interest on other short-term borrowings			$	263		$	753		$	315		$	279		$	426		$	881
Interest on long-term debt, including amortization of debt issuance costs			32			100			68			69			71			93
Portion of rents representative of the interest factor on long-term leases (1)			24			95			98			76			55			51
Fixed charges	(B)		$	319		$	948		$	481		$	424		$	552		$	1,025
Consolidated ratios of earnings to fixed charges, excluding interest on deposits	(A)/(B)		2.34		x	2.53		x	3.56		x	3.65		x	3.82		x	1.92		x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported			$	427		$	1,432		$	1,192		$	1,112		$	1,555		$	930
Share of pre-tax income (loss) of unconsolidated subsidiaries			2			16			39			11			(1		)	14
Fixed charges			709			2,080			993			796			1,050			1,881
Earnings	(C)		$	1,138		$	3,528		$	2,224		$	1,919		$	2,604		$	2,825
Interest on other short-term borrowings and deposits			$	653		$	1,885		$	827		$	651		$	924		$	1,737
Interest on long-term debt, including amortization of debt issuance costs			32			100			68			69			71			93
Portion of rents representative of the interest factor on long-term leases (1)			24			95			98			76			55			51
Fixed charges	(D)		$	709		$	2,080		$	993		$	796		$	1,050		$	1,881
Consolidated ratios of earnings to fixed charges, including interest on deposits	(C)/(D)		1.61		x	1.70		x	2.24		x	2.41		x	2.48		x	1.50		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.