EX-12 2 exhibit12earningstofixedch.htm EXHIBIT 12 Exhibit


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Nine Months Ended September 30,
 
Years Ended December 31,
(Dollars in millions)
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,775

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

 
$
2,518

Share of pre-tax income (loss) of unconsolidated entities
 
549

 
(700
)
 
(10
)
 
1

 
(15
)
 
37

Fixed charges
 
243

 
321

 
318

 
365

 
370

 
462

Adjusted earnings
(A)
$
2,567

 
$
1,919

 
$
2,745

 
$
3,032

 
$
3,102

 
$
3,017

Interest on short-term borrowings
 
$
5

 
$
7

 
$
6

 
$
60

 
$
73

 
$
96

Interest on long-term debt, including amortization of debt issuance costs
 
174

 
219

 
206

 
184

 
176

 
241

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

 
95

 
106

 
121

 
121

 
125

Preferred stock dividends and related adjustments(2)
 
157

 
112

 
61

 
33

 
39

 
27

Fixed charges and preferred stock dividends
(B)
$
400

 
$
433

 
$
379

 
$
398

 
$
409

 
$
489

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

 
4.43x

 
7.24x

 
7.62x

 
7.58x

 
6.17x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 

 
 

 
 
 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,775

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

 
$
2,518

Share of pre-tax income (loss) of unconsolidated entities
 
549

 
(700
)
 
(10
)
 
1

 
(15
)
 
37

Fixed charges
 
315

 
418

 
416

 
458

 
536

 
682

Adjusted earnings
(C)
$
2,639

 
$
2,016

 
$
2,843

 
$
3,125

 
$
3,268

 
$
3,237

Interest on short-term borrowings and deposits
 
$
77

 
$
104

 
$
104

 
$
153

 
$
239

 
$
316

Interest on long-term debt, including amortization of debt issuance costs
 
174

 
219

 
206

 
184

 
176

 
241

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

 
95

 
106

 
121

 
121

 
125

Preferred stock dividends and related adjustments(2)
 
157

 
112

 
61

 
33

 
39

 
27

Fixed charges and preferred stock dividends
(D)
$
472

 
$
530

 
$
477

 
$
491

 
$
575

 
$
709

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

 
3.80x

 
5.96x

 
6.36x

 
5.68x

 
4.57x

___________________________
(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
 
 
 
Nine Months Ended September 30,
 
Years Ended December 31,
(Dollars in millions)
 
2016
 
2015
 
2014
 
2013
 
2012
 
2011
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,775

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

 
$
2,518

Share of pre-tax income (loss) of unconsolidated entities
 
549

 
(700
)
 
(10
)
 
1

 
(15
)
 
37

Fixed charges
 
243

 
321

 
318

 
365

 
370

 
462

Adjusted earnings
(A)
$
2,567

 
$
1,919

 
$
2,745

 
$
3,032

 
$
3,102

 
$
3,017

Interest on short-term borrowings
 
$
5

 
$
7

 
$
6

 
$
60

 
$
73

 
$
96

Interest on long-term debt, including amortization of debt issuance costs
 
174

 
219

 
206

 
184

 
176

 
241

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

 
95

 
106

 
121

 
121

 
125

Fixed charges
(B)
$
243

 
$
321

 
$
318

 
$
365

 
$
370

 
$
462

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

 
5.98x

 
8.63x

 
8.31x

 
8.38x

 
6.53x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,775

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

 
$
2,518

Share of pre-tax income (loss) of unconsolidated entities
 
549

 
(700
)
 
(10
)
 
1

 
(15
)
 
37

Fixed charges
 
315

 
418

 
416

 
458

 
536

 
682

Adjusted earnings
(C)
$
2,639

 
$
2,016

 
$
2,843

 
$
3,125

 
$
3,268

 
$
3,237

Interest on short-term borrowings and deposits
 
$
77

 
$
104

 
$
104

 
$
153

 
$
239

 
$
316

Interest on long-term debt, including amortization of debt issuance costs
 
174

 
219

 
206

 
184

 
176

 
241

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

 
95

 
106

 
121

 
121

 
125

Fixed charges
(D)
$
315

 
$
418

 
$
416

 
$
458

 
$
536

 
$
682

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

 
4.82x

 
6.83x

 
6.82x

 
6.10x

 
4.75x

 
___________________________
(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.