EX-12 3 dex12.htm RATIOS OF EARNINGS TO FIXED CHARGES Ratios of earnings to fixed charges

EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

 

          Six Months
Ended
June 30,
2008 		    Years Ended December 31,  
(Dollars in millions)       2007     2006     2005     2004     2003  

EXCLUDING INTEREST ON DEPOSITS:

              

Pre-tax income from continuing operations, as reported

     $ 1,634     $ 1,903     $ 1,771     $ 1,432     $ 1,192     $ 1,112  

Share of pre-tax income of unconsolidated subsidiaries

       7       65       43       16       39       11  

Fixed charges

       391       1,248       1,384       948       481       424  
                                                 

Earnings

   (A )   $ 2,032     $ 3,216     $ 3,198     $ 2,396     $ 1,712     $ 1,547  
                                                 

Interest on other short-term borrowings

     $ 234     $ 959     $ 1,145     $ 753     $ 315     $ 279  

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

       96       189       140       100       68       69  

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

       61       100       99       95       98       76  
                                                 

Fixed charges

   (B )   $ 391     $ 1,248     $ 1,384     $ 948     $ 481     $ 424  
                                                 

Consolidated ratios of earnings to fixed charges, excluding interest on deposits

   (A)/(B )     5.20 x     2.58 x     2.31 x     2.53 x     3.56 x     3.65 x
                                                 

INCLUDING INTEREST ON DEPOSITS:

              

Pre-tax income from continuing operations, as reported

     $ 1,634     $ 1,903     $ 1,771     $ 1,432     $ 1,192     $ 1,112  

Share of pre-tax income of unconsolidated subsidiaries

       7       65       43       16       39       11  

Fixed charges

       1,183       3,546       3,275       2,080       993       796  
                                                 

Earnings

   (C )   $ 2,824     $ 5,514     $ 5,089     $ 3,528     $ 2,224     $ 1,919  
                                                 

Interest on other short-term borrowings and deposits

     $ 1,026     $ 3,257     $ 3,036     $ 1,885     $ 827     $ 651  

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

       96       189       140       100       68       69  

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

       61       100       99       95       98       76  
                                                 

Fixed charges

   (D )   $ 1,183     $ 3,546     $ 3,275     $ 2,080     $ 993     $ 796  
                                                 

Consolidated ratios of earnings to fixed charges, including interest on deposits

   (C)/(D )     2.39 x     1.55 x     1.55 x     1.70 x     2.24 x     2.41 x
                                                 

 

(1)

The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in the consolidated statement of income.