EX-12 3 exhibit12earningstofixedch.htm EXHIBIT 12 Exhibit


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Six Months Ended June 30,
 
Years Ended December 31,
(Dollars in millions)
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,360

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

Share of pre-tax income (loss) of unconsolidated entities
 
599

 
349

 
(700
)
 
(10
)
 
1

 
(15
)
Fixed charges
 
187

 
334

 
321

 
318

 
365

 
370

Adjusted earnings
(A)
$
2,146

 
$
2,803

 
$
1,919

 
$
2,745

 
$
3,032

 
$
3,102

Interest on short-term borrowings
 
$
5

 
$
8

 
$
7

 
$
6

 
$
60

 
$
73

Interest on long-term debt, including amortization of debt issuance costs
 
138

 
240

 
219

 
206

 
184

 
176

Portion of long-term leases representative of the interest factor(1)
 
44

 
86

 
95

 
106

 
121

 
121

Preferred stock dividends and related adjustments(2)
 
110

 
171

 
112

 
61

 
33

 
39

Fixed charges and preferred stock dividends
(B)
$
297

 
$
505

 
$
433

 
$
379

 
$
398

 
$
409

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits
(A)/(B)
7.23x

 
5.55x

 
4.43x

 
7.24x

 
7.62x

 
7.58x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 

 
 

 
 
 
 

Pre-tax income from continuing operations, as reported
 
$
1,360

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

Share of pre-tax income (loss) of unconsolidated entities
 
599

 
349

 
(700
)
 
(10
)
 
1

 
(15
)
Fixed charges
 
244


419


418

 
416

 
458

 
536

Adjusted earnings
(C)
$
2,203


$
2,888

 
$
2,016

 
$
2,843

 
$
3,125

 
$
3,268

Interest on short-term borrowings and deposits
 
$
62

 
$
93

 
$
104

 
$
104

 
$
153

 
$
239

Interest on long-term debt, including amortization of debt issuance costs
 
138


240

 
219

 
206

 
184

 
176

Portion of long-term leases representative of the interest factor(1)
 
44


86

 
95

 
106

 
121

 
121

Preferred stock dividends and related adjustments(2)
 
110


171

 
112

 
61

 
33

 
39

Fixed charges and preferred stock dividends
(D)
$
354


$
590

 
$
530

 
$
477

 
$
491

 
$
575

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits
(C)/(D)
6.22x

 
4.89x

 
3.80x

 
5.96x

 
6.36x

 
5.68x

 
 
 
 
(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,
 
Twelve Months Ended December 31,
(Dollars in millions)
 
2017
 
2016
 
2015
 
2014
 
2013
 
2012
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,360

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

Share of pre-tax income (loss) of unconsolidated entities
 
599

 
349

 
(700
)
 
(10
)
 
1

 
(15
)
Fixed charges
 
187

 
334

 
321

 
318

 
365

 
370

Adjusted earnings
(A)
$
2,146


$
2,803

 
$
1,919

 
$
2,745

 
$
3,032

 
$
3,102

Interest on short-term borrowings
 
$
5

 
$
8

 
$
7

 
$
6

 
$
60

 
$
73

Interest on long-term debt, including amortization of debt issuance costs
 
138

 
240

 
219

 
206

 
184

 
176

Portion of long-term leases representative of the interest factor(1)
 
44

 
86

 
95

 
106

 
121

 
121

Fixed charges
(B)
$
187


$
334

 
$
321

 
$
318

 
$
365

 
$
370

Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits
(A)/(B)
11.48x

 
8.39x

 
5.98x

 
8.63x

 
8.31x

 
8.38x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,360

 
$
2,120

 
$
2,298

 
$
2,437

 
$
2,666

 
$
2,747

Share of pre-tax income (loss) of unconsolidated entities
 
599


349

 
(700
)
 
(10
)
 
1

 
(15
)
Fixed charges
 
244


419

 
418

 
416

 
458

 
536

Adjusted earnings
(C)
$
2,203


$
2,888

 
$
2,016

 
$
2,843

 
$
3,125

 
$
3,268

Interest on short-term borrowings and deposits
 
$
62

 
$
93

 
$
104

 
$
104

 
$
153

 
$
239

Interest on long-term debt, including amortization of debt issuance costs
 
138


240

 
219

 
206

 
184

 
176

Portion of long-term leases representative of the interest factor(1)
 
44


86

 
95

 
106

 
121

 
121

Fixed charges
(D)
$
244


$
419

 
$
418

 
$
416

 
$
458

 
$
536

Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits
(C)/(D)
9.03x

 
6.89x

 
4.82x

 
6.83x

 
6.82x

 
6.10x

 
 
 
 
 
(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.