EXHIBIT 12
STATE STREET BOSTON CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED YEAR ENDED DECEMBER 31,
MARCH 31, -------------------------------------------------------
1996 1995 1994 1993 1992 1991
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(DOLLARS IN THOUSANDS)
(A) Excluding interest on deposits:
Earnings:
Income before income taxes ........ $ 109,062 $ 370,242 $343,229 $292,523 $271,163 $241,167
Fixed charges ..................... 105,136 494,678 266,985 183,814 189,369 184,630
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Earnings as adjusted ........ $ 214,198 $ 864,920 $610,214 $476,337 $460,532 $425,797
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Income before income taxes:
Pretax income from continuing
operations as reported .......... $ 107,988 $ 366,490 $340,134 $291,091 $270,821 $241,130
Share of pretax income (loss)
of 50% owned subsidiaries not
included in above .............. 1,074 3,752 3,095 1,432 342 37
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Net income as adjusted ...... $ 109,062 $ 370,242 $343,229 $292,523 $271,163 $241,167
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Fixed charges:
Interest on other borrowings ...... $ 102,141 $ 482,613 $254,780 $170,176 $172,397 $167,714
Interest on long-term debt
including amortization of
debt issue costs ................ 2,117 8,525 8,625 10,022 13,324 13,238
Portion of rents representative of
the interest factor in long
term lease ...................... 878 3,540 3,580 3,616 3,648 3,678
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Fixed charges ............... $ 105,136 $ 494,678 $266,985 $183,814 $189,369 $184,630
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Ratio of earnings to fixed charges .. 2.04x 1.75x 2.29x 2.59x 2.43x 2.31x
(B) Including interest on deposits:
Adjusted earnings from (A) above .... $ 214,198 $ 864,920 $610,214 $476,337 $460,532 $425,797
Add interest on deposits ............ 110,571 416,047 280,687 213,890 263,927 306,642
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Earnings as adjusted $ 324,769 $1,280,967 $890,901 $690,227 $724,459 $732,439
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Fixed charges:
Fixed charges from (A) above ...... $ 105,136 $ 494,678 $266,985 $183,814 $189,369 $184,630
Interest on deposits .............. 110,571 416,047 280,687 213,890 263,927 306,642
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Adjusted fixed charges .............. $ 215,707 $ 910,725 $547,672 $397,704 $453,296 $491,272
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Adjusted earnings to adjusted
fixed charges ...................... 1.51x 1.41x 1.63x 1.74x 1.60x 1.49x