EXHIBIT 12
STATE STREET BOSTON CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Ended
June 30, Year Ended December 31,
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1996 1995 1994 1993 1992 1991
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(Dollars in thousands)
(A) Excluding interest on deposits:
Earnings:
Income before income taxes $219,416 $ 370,242 $343,229 $292,523 $271,163 $241,167
Fixed charges 210,089 494,678 266,985 183,814 189,369 184,630
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Earnings as adjusted $429,505 $ 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 $218,432 $ 366,490 $340,134 $291,091 $270,821 $241,130
Share of pretax income(loss) of 50% owned
subsidiaries not included in above 984 3,752 3,095 1,432 342 37
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Net income as adjusted $219,416 $ 370,242 $343,229 $292,523 $271,163 $241,167
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Fixed charges:
Interest on other borrowings $203,831 $ 482,613 $254,780 $170,176 $172,397 $167,714
Interest on long-term debt including
amortization of debt issue costs 4,504 8,525 8,625 10,022 13,324 13,238
Portion of rents representative of the
interest factor in long term lease 1,754 3,540 3,580 3,616 3,648 3,678
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Fixed charges $210,089 $ 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 $429,505 $ 864,920 $610,214 $476,337 $460,532 $425,797
Add interest on deposits 214,554 416,047 280,687 213,890 263,927 306,642
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Earnings as adjusted $644,059 $1,280,967 $890,901 $690,227 $724,459 $732,439
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Fixed Charges:
Fixed charges from (A) above $210,089 $ 494,678 $266,985 $183,814 $189,369 $184,630
Interest on deposits 214,554 416,047 280,687 213,890 263,927 306,642
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Adjusted fixed charges $424,643 $ 910,725 $547,672 $397,704 $453,296 $491,272
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Adjusted earnings to adjusted fixed
charges 1.52x 1.41x 1.63x 1.74x 1.60x 1.49x