EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, 2003 | Years Ended December 31, | ||||||||||||||||||
(Dollars in millions) | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||
(A) Excluding interest on deposits: | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 435 | $ | 1,554 | $ | 944 | $ | 914 | $ | 974 | $ | 662 | |||||||
Fixed charges | 283 | 506 | 983 | 1,360 | 954 | 856 | |||||||||||||
Earnings as adjusted | $ | 718 | $ | 2,060 | $ | 1,927 | $ | 2,274 | $ | 1,928 | $ | 1,518 | |||||||
Income before income taxes: | |||||||||||||||||||
Pretax income from continuing operations as reported | $ | 434 | $ | 1,555 | $ | 930 | $ | 906 | $ | 968 | $ | 657 | |||||||
Share of pretax income (loss) of 50% owned subsidiaries not included in above | 1 | (1 | ) | 14 | 8 | 6 | 5 | ||||||||||||
Net income as adjusted | $ | 435 | $ | 1,554 | $ | 944 | $ | 914 | $ | 974 | $ | 662 | |||||||
Fixed charges: | |||||||||||||||||||
Interest on other borrowings | $ | 217 | $ | 426 | $ | 881 | $ | 1,268 | $ | 874 | $ | 770 | |||||||
Interest on long-term debt including amortization of debt issue costs | 56 | 71 | 93 | 82 | 70 | 66 | |||||||||||||
Portion of rents representative of the interest factor in long term lease | 10 | 9 | 9 | 10 | 10 | 20 | |||||||||||||
Fixed charges | $ | 283 | $ | 506 | $ | 983 | $ | 1,360 | $ | 954 | $ | 856 | |||||||
Ratio of earnings to fixed charges | 2.53x | 4.07x | 1.96x | 1.67x | 2.02x | 1.77x | |||||||||||||
(B) Including interest on deposits: | |||||||||||||||||||
Adjusted earnings from (A) above | $ | 718 | $ | 2,060 | $ | 1,927 | $ | 2,274 | $ | 1,928 | $ | 1,518 | |||||||
Add interest on deposits | 289 | 498 | 856 | 1,012 | 712 | 656 | |||||||||||||
Earnings as adjusted | $ | 1,007 | $ | 2,558 | $ | 2,783 | $ | 3,286 | $ | 2,640 | $ | 2,174 | |||||||
Fixed charges: | |||||||||||||||||||
Fixed charges from (A) above | $ | 283 | $ | 506 | $ | 983 | $ | 1,360 | $ | 954 | $ | 856 | |||||||
Interest on deposits | 289 | 498 | 856 | 1,012 | 712 | 656 | |||||||||||||
Adjusted fixed charges | $ | 572 | $ | 1,004 | $ | 1,839 | $ | 2,372 | $ | 1,666 | $ | 1,512 | |||||||
Adjusted earnings to adjusted fixed charges | 1.76x | 2.55x | 1.51x | 1.39x | 1.58x | 1.44x | |||||||||||||
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