EX-12 11 exhibit12.htm EXHIBIT Exhibit 12


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Years Ended December 31,
(Dollars in millions)
 
2013
 
2012
 
2011
 
2010
 
2009
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

Share of pre-tax income (loss) of unconsolidated entities
 
1

 
(15
)
 
37

 
67

 
43

Fixed charges
 
365

 
370

 
462

 
636

 
607

Adjusted earnings
(A)
$
3,052

 
$
3,121

 
$
3,035

 
$
2,789

 
$
3,175

Interest on short-term borrowings
 
$
60

 
$
73

 
$
96

 
$
257

 
$
218

Interest on long-term debt, including amortization of debt issuance costs
 
184

 
176

 
241

 
235

 
251

Portion of long-term leases representative of the interest factor(1)
 
121

 
121

 
125

 
144

 
138

Preferred stock dividends and related adjustments(2)
 
33

 
39

 
27

 
—

 
226

Fixed charges and preferred stock dividends
(B)
$
398

 
$
409

 
$
489

 
$
636

 
$
833

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits
(A)/(B)
7.67x

 
7.63x

 
6.21x

 
4.39x

 
3.81x

INCLUDING INTEREST ON DEPOSITS:
 
 

 
 

 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

Share of pre-tax income (loss) of unconsolidated entities
 
1

 
(15
)
 
37

 
67

 
43

Fixed charges
 
458

 
536

 
682

 
849

 
802

Adjusted earnings
(C)
3,145

 
$
3,287

 
$
3,255

 
$
3,002

 
$
3,370

Interest on short-term borrowings and deposits
 
$
153

 
$
239

 
$
316

 
$
470

 
$
413

Interest on long-term debt, including amortization of debt issuance costs
 
184

 
176

 
241

 
235

 
251

Portion of long-term leases representative of the interest factor(1)
 
121

 
121

 
125

 
144

 
138

Preferred stock dividends and related adjustments(2)
 
33

 
39

 
27

 
—

 
226

Fixed charges and preferred stock dividends
(D)
$
491

 
$
575

 
$
709

 
$
849

 
$
1,028

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits
(C)/(D)
6.41x

 
5.72x

 
4.59x

 
3.54x

 
3.28x

___________________________
(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
 
 
 
Years Ended December 31,
(Dollars in millions)
 
2013
 
2012
 
2011
 
2010
 
2009
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

Share of pre-tax income (loss) of unconsolidated entities
 
1

 
(15
)
 
37

 
67

 
43

Fixed charges
 
365

 
370

 
462

 
636

 
607

Adjusted earnings
(A)
$
3,052

 
$
3,121

 
$
3,035

 
$
2,789

 
$
3,175

Interest on short-term borrowings
 
$
60

 
$
73

 
$
96

 
$
257

 
$
218

Interest on long-term debt, including amortization of debt issuance costs
 
184

 
176

 
241

 
235

 
251

Portion of long-term leases representative of the interest factor(1)
 
121

 
121

 
125

 
144

 
138

Fixed charges
(B)
$
365

 
$
370

 
$
462

 
$
636

 
$
607

Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits
(A)/(B)
8.36x

 
8.44x

 
6.57x

 
4.39x

 
5.23x

INCLUDING INTEREST ON DEPOSITS:
 
 

 
 

 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

 
$
2,525

Share of pre-tax income (loss) of unconsolidated entities
 
1

 
(15
)
 
37

 
67

 
43

Fixed charges
 
458

 
536

 
682

 
849

 
802

Adjusted earnings
(C)
$
3,145

 
$
3,287

 
$
3,255

 
$
3,002

 
$
3,370

Interest on short-term borrowings and deposits
 
$
153

 
$
239

 
$
316

 
$
470

 
$
413

Interest on long-term debt, including amortization of debt issuance costs
 
184

 
176

 
241

 
235

 
251

Portion of long-term leases representative of the interest factor(1)
 
121

 
121

 
125

 
144

 
138

Fixed charges
(D)
$
458

 
$
536

 
$
682

 
$
849

 
$
802

Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits
(C)/(D)
6.87x

 
6.13x

 
4.77x

 
3.54x

 
4.20x

 
___________________________
(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.