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Exhibit 12.1
State Street Corporation
R A T I O O F E A R N I N G S T O F I X E D C H A R G E S
(Dollars in millions) Years Ended December 31, | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 |
(A) Excluding interest on deposits: | ||||||
Earnings: | ||||||
Income before income taxes | $944 | $914 | $974 | $662 | $568 | $453 |
Fixed charges | 983 | 1,360 | 954 | 856 | 613 | 477 |
Earnings as adjusted | $1,927 | $2,274 | $1,928 | $1,518 | $1,181 | $930 |
Income before income taxes | ||||||
Pretax income from continuing operations as reported | $930 | $906 | $968 | $657 | $564 | $447 |
Share of pretax income of 50% owned subsidiaries not included in above | 14 | 8 | 6 | 5 | 4 | 6 |
Net income as adjusted | $944 | $914 | $974 | $662 | $568 | $453 |
Fixed charges: | ||||||
Interest on other borrowings | $881 | $1,268 | $874 | $770 | $548 | $452 |
Interest on long-term debt including amortization of | 93 | 82 | 70 | 66 | 55 | 15 |
Portion of rents representative of the interest factor in | 9 | 10 | 10 | 20 | 10 | 10 |
Fixed charges | $983 | $1,360 | $954 | $856 | $613 | $477 |
Ratio of earnings to fixed charges | 1.96x | 1.67x | 2.02x | 1.77x | 1.93x | 1.95x |
(B) Including interest on deposits: | ||||||
Adjusted earnings from (A) above | $1,927 | $2,274 | $1,928 | $1,518 | $1,181 | $930 |
Add interest on deposits | 856 | 1,012 | 712 | 656 | 512 | 425 |
Earnings as adjusted | $2,783 | $3,286 | $2,640 | $2,174 | $1,693 | $1,355 |
Fixed Charges: | ||||||
Fixed charges from (A) above | $983 | $1,360 | $954 | $856 | $613 | $477 |
Interest on deposits | 856 | 1,012 | 712 | 656 | 512 | 425 |
Adjusted fixed charges | $1,839 | $2,372 | $1,666 | $1,512 | $1,125 | $902 |
Adjusted earnings to adjusted fixed charges | 1.51x | 1.39x | 1.58x | 1.44x | 1.50x | 1.50x |