EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in millions) | Three Months Ended March 31, 2010 | Years Ended December 31, | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 702 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | ||||||||||||||
Share of pre-tax income of unconsolidated entities | 23 | 43 | 34 | 65 | 43 | 16 | ||||||||||||||||||||
Fixed charges | 207 | 612 | 983 | 1,248 | 1,384 | 948 | ||||||||||||||||||||
Adjusted earnings | (A) | $ | 932 | 3,180 | $ | 3,859 | $ | 3,216 | $ | 3,198 | $ | 2,396 | ||||||||||||||
Interest on short-term borrowings | $ | 112 | $ | 223 | $ | 674 | $ | 959 | $ | 1,145 | $ | 753 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 60 | 251 | 187 | 189 | 140 | 100 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 35 | 138 | 122 | 100 | 99 | 95 | ||||||||||||||||||||
Preferred stock dividends and related adjustments(2) | — | 226 | 34 | — | — | — | ||||||||||||||||||||
Fixed charges and preferred stock dividends | (B) | $ | 207 | $ | 838 | $ | 1,017 | $ | 1,248 | $ | 1,384 | $ | 948 | |||||||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits | (A)/(B) | 4.50 | x | 3.79 | x | 3.79 | x | 2.58 | x | 2.31 | x | 2.53 | x | |||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 702 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | ||||||||||||||
Share of pre-tax income of unconsolidated entities | 23 | 43 | 34 | 65 | 43 | 16 | ||||||||||||||||||||
Fixed charges | 240 | 807 | 2,309 | 3,546 | 3,275 | 2,080 | ||||||||||||||||||||
Adjusted earnings | (C) | $ | 965 | $ | 3,375 | $ | 5,185 | $ | 5,514 | $ | 5,089 | $ | 3,528 | |||||||||||||
Interest on short-term borrowings and deposits | $ | 145 | $ | 418 | $ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 60 | 251 | 187 | 189 | 140 | 100 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 35 | 138 | 122 | 100 | 99 | 95 | ||||||||||||||||||||
Preferred stock dividends and related adjustments(2) | — | 226 | 34 | — | — | — | ||||||||||||||||||||
Fixed charges and preferred stock dividends | (D) | $ | 240 | $ | 1,033 | $ | 2,343 | $ | 3,546 | $ | 3,275 | $ | 2,080 | |||||||||||||
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits | (C)/(D) | 4.02 | x | 3.27 | x | 2.21 | x | 1.55 | x | 1.55 | x | 1.70 | 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. |
(2) | Preferred dividends, including accretion, were adjusted to represent pre-tax earnings that would be required to cover dividend and accretion requirements. |
STATE STREET CORPORATION
Ratios of Earnings to Fixed Charges
(Dollars in millions) | Three Months Ended March 31, 2010 | Years Ended December 31, | ||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
EXCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 702 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | ||||||||||||||
Share of pre-tax income of unconsolidated entities | 23 | 43 | 34 | 65 | 43 | 16 | ||||||||||||||||||||
Fixed charges | 207 | 612 | 983 | 1,248 | 1,384 | 948 | ||||||||||||||||||||
Adjusted earnings | (A) | $ | 932 | $ | 3,180 | $ | 3,859 | $ | 3,216 | $ | 3,198 | $ | 2,396 | |||||||||||||
Interest on short-term borrowings | $ | 112 | $ | 223 | $ | 674 | $ | 959 | $ | 1,145 | $ | 753 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 60 | 251 | 187 | 189 | 140 | 100 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 35 | 138 | 122 | 100 | 99 | 95 | ||||||||||||||||||||
Fixed charges | (B) | $ | 207 | $ | 612 | $ | 983 | $ | 1,248 | $ | 1,384 | $ | 948 | |||||||||||||
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits | (A)/(B) | 4.50 | x | 5.20 | x | 3.93 | x | 2.58 | x | 2.31 | x | 2.53 | x | |||||||||||||
INCLUDING INTEREST ON DEPOSITS: | ||||||||||||||||||||||||||
Pre-tax income from continuing operations, as reported | $ | 702 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | ||||||||||||||
Share of pre-tax income of unconsolidated entities | 23 | 43 | 34 | 65 | 43 | 16 | ||||||||||||||||||||
Fixed charges | 240 | 807 | 2,309 | 3,546 | 3,275 | 2,080 | ||||||||||||||||||||
Adjusted earnings | (C) | $ | 965 | $ | 3,375 | $ | 5,185 | $ | 5,514 | $ | 5,089 | $ | 3,528 | |||||||||||||
Interest on short-term borrowings and deposits | $ | 145 | $ | 418 | $ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | ||||||||||||||
Interest on long-term debt, including amortization of debt issuance costs | 60 | 251 | 187 | 189 | 140 | 100 | ||||||||||||||||||||
Portion of long-term leases representative of the interest factor(1) | 35 | 138 | 122 | 100 | 99 | 95 | ||||||||||||||||||||
Fixed charges | (D) | $ | 240 | $ | 807 | $ | 2,309 | $ | 3,546 | $ | 3,275 | $ | 2,080 | |||||||||||||
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits | (C)/(D) | 4.02 | x | 4.18 | x | 2.25 | x | 1.55 | x | 1.55 | x | 1.70 | 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. |