EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Fixed Charges
Nine Months Ended September 30, 2008 | Years Ended December 31, | |||||||||||||||||||||||||
(Dollars in millions) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,480 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | ||||||||||||||
Share of pre-tax income of unconsolidated subsidiaries | 26 | 65 | 43 | 16 | 39 | 11 | ||||||||||||||||||||
Fixed charges | 592 | 1,248 | 1,384 | 948 | 481 | 424 | ||||||||||||||||||||
Earnings | (A) | $ | 3,098 | $ | 3,216 | $ | 3,198 | $ | 2,396 | $ | 1,712 | $ | 1,547 | |||||||||||||
Interest on short-term borrowings | $ | 360 | $ | 959 | $ | 1,145 | $ | 753 | $ | 315 | $ | 279 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 141 | 189 | 140 | 100 | 68 | 69 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 91 | 100 | 99 | 95 | 98 | 76 | ||||||||||||||||||||
Fixed charges | (B) | $ | 592 | $ | 1,248 | $ | 1,384 | $ | 948 | $ | 481 | $ | 424 | |||||||||||||
Consolidated ratios of earnings to fixed charges, excluding interest on deposits | (A)/(B) | 5.23 | x | 2.58 | x | 2.31 | x | 2.53 | x | 3.56 | x | 3.65 | x | |||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 2,480 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | $ | 1,112 | ||||||||||||||
Share of pre-tax income of unconsolidated subsidiaries | 26 | 65 | 43 | 16 | 39 | 11 | ||||||||||||||||||||
Fixed charges | 1,704 | 3,546 | 3,275 | 2,080 | 993 | 796 | ||||||||||||||||||||
Earnings | (C) | $ | 4,210 | $ | 5,514 | $ | 5,089 | $ | 3,528 | $ | 2,224 | $ | 1,919 | |||||||||||||
Interest on short-term borrowings and deposits | $ | 1,472 | $ | 3,257 | $ | 3,036 | $ | 1,885 | $ | 827 | $ | 651 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 141 | 189 | 140 | 100 | 68 | 69 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 91 | 100 | 99 | 95 | 98 | 76 | ||||||||||||||||||||
Fixed charges | (D) | $ | 1,704 | $ | 3,546 | $ | 3,275 | $ | 2,080 | $ | 993 | $ | 796 | |||||||||||||
Consolidated ratios of earnings to fixed charges, including interest on deposits | (C)/(D) | 2.47 | x | 1.55 | x | 1.55 | x | 1.70 | x | 2.24 | x | 2.41 | x | |||||||||||||
(1) | The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in the consolidated statement of income. |