EX-12 2 exhibit12.htm EXHIBIT Exhibit 12


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Six Months Ended June 30, 2013
 
Years Ended December 31,
(Dollars in millions)
 
 
2012
 
2011
 
2010
 
2009
 
2008
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,371

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

 
$
2,842

Share of pre-tax income (loss) of unconsolidated entities
 
27

 
(15
)
 
37

 
67

 
43

 
34

Fixed charges
 
179

 
370

 
462

 
636

 
607

 
983

Adjusted earnings
(A)
$
1,577

 
$
3,121

 
$
3,035

 
$
2,789

 
$
3,175

 
$
3,859

Interest on short-term borrowings
 
$
31

 
$
73

 
$
96

 
$
257

 
$
218

 
$
674

Interest on long-term debt, including amortization of debt issuance costs
 
84

 
176

 
241

 
235

 
251

 
187

Portion of long-term leases representative of the interest factor(1)
 
64

 
121

 
125

 
144

 
138

 
122

Preferred stock dividends and related adjustments(2)
 
17

 
39

 
27

 
—

 
226

 
34

Fixed charges and preferred stock dividends
(B)
$
196

 
$
409

 
$
489

 
$
636

 
$
833

 
$
1,017

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits
(A)/(B)
8.05 x

 
7.63 x

 
6.21 x

 
4.39 x

 
3.81 x

 
3.79 x

INCLUDING INTEREST ON DEPOSITS:
 
 

 
 

 
 

 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,371

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

 
$
2,842

Share of pre-tax income (loss) of unconsolidated entities
 
27

 
(15
)
 
37

 
67

 
43

 
34

Fixed charges
 
240

 
536

 
682

 
849

 
802

 
2,309

Adjusted earnings
(C)
1,638

 
$
3,287

 
$
3,255

 
$
3,002

 
$
3,370

 
$
5,185

Interest on short-term borrowings and deposits
 
$
92

 
$
239

 
$
316

 
$
470

 
$
413

 
$
2,000

Interest on long-term debt, including amortization of debt issuance costs
 
84

 
176

 
241

 
235

 
251

 
187

Portion of long-term leases representative of the interest factor(1)
 
64

 
121

 
125

 
144

 
138

 
122

Preferred stock dividends and related adjustments(2)
 
17

 
39

 
27

 
—

 
226

 
34

Fixed charges and preferred stock dividends
(D)
$
257

 
$
575

 
$
709

 
$
849

 
$
1,028

 
$
2,343

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits
(C)/(D)
6.37 x

 
5.72 x

 
4.59 x

 
3.54 x

 
3.28 x

 
2.21 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 our consolidated statement of income.
(2) Preferred dividends and related adjustments, 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
 
 
 
Six Months Ended June 30, 2013
 
Years Ended December 31,
(Dollars in millions)
 
 
2012
 
2011
 
2010
 
2009
 
2008
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,371

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

 
$
2,842

Share of pre-tax income (loss) of unconsolidated entities
 
27

 
(15
)
 
37

 
67

 
43

 
34

Fixed charges
 
179

 
370

 
462

 
636

 
607

 
983

Adjusted earnings
(A)
$
1,577

 
$
3,121

 
$
3,035

 
$
2,789

 
$
3,175

 
$
3,859

Interest on short-term borrowings
 
$
31

 
$
73

 
$
96

 
$
257

 
$
218

 
$
674

Interest on long-term debt, including amortization of debt issuance costs
 
84

 
176

 
241

 
235

 
251

 
187

Portion of long-term leases representative of the interest factor(1)
 
64

 
121

 
125

 
144

 
138

 
122

Fixed charges
(B)
$
179

 
$
370

 
$
462

 
$
636

 
$
607

 
$
983

Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits
(A)/(B)
8.81 x

 
8.44 x

 
6.57 x

 
4.39x

 
5.23x

 
3.93x

INCLUDING INTEREST ON DEPOSITS:
 
 

 
 

 
 

 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,371

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

 
$
2,842

Share of pre-tax income (loss) of unconsolidated entities
 
27

 
(15
)
 
37

 
67

 
43

 
34

Fixed charges
 
240

 
536

 
682

 
849

 
802

 
2,309

Adjusted earnings
(C)
$
1,638

 
$
3,287

 
$
3,255

 
$
3,002

 
$
3,370

 
$
5,185

Interest on short-term borrowings and deposits
 
$
92

 
$
239

 
$
316

 
$
470

 
$
413

 
$
2,000

Interest on long-term debt, including amortization of debt issuance costs
 
84

 
176

 
241

 
235

 
251

 
187

Portion of long-term leases representative of the interest factor(1)
 
64

 
121

 
125

 
144

 
138

 
122

Fixed charges
(D)
$
240

 
$
536

 
$
682

 
$
849

 
$
802

 
$
2,309

Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits
(C)/(D)
6.83 x

 
6.13 x

 
4.77 x

 
3.54x

 
4.20x

 
2.25x

 
___________________________
(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 our consolidated statement of income.