Exhibit 12

STATE STREET CORPORATION

Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends

		Years Ended December 31,
(Dollars in millions)		2011		2010		2009		2008		2007
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,536	$	2,086	$	2,525	$	2,842	$	1,903
Share of pre-tax income of unconsolidated entities			37		67		43		34		65
Fixed charges			489		636		607		983		1,248
Adjusted earnings	(A)	$	3,062	$	2,789	$	3,175	$	3,859	$	3,216
Interest on short-term borrowings		$	96	$	257	$	218	$	674	$	959
Interest on long-term debt, including amortization of debt issuance costs			241		235		251		187		189
Portion of long-term leases representative of the interest factor(1)			125		144		138		122		100
Preferred stock dividends and related adjustments(2)			27		—		226		34		—
Fixed charges and preferred stock dividends	(B)	$	489	$	636	$	833	$	1,017	$	1,248
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits	(A)/(B)		6.26 x		4.39 x		3.81 x		3.79 x		2.58 x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,536	$	2,086	$	2,525	$	2,842	$	1,903
Share of pre-tax income of unconsolidated entities			37		67		43		34		65
Fixed charges			709		849		802		2,309		3,546
Adjusted earnings	(C)		3,282	$	3,002	$	3,370	$	5,185	$	5,514
Interest on short-term borrowings and deposits		$	316	$	470	$	413	$	2,000	$	3,257
Interest on long-term debt, including amortization of debt issuance costs			241		235		251		187		189
Portion of long-term leases representative of the interest factor(1)			125		144		138		122		100
Preferred stock dividends and related adjustments(2)			27		—		226		34		—
Fixed charges and preferred stock dividends	(D)	$	709	$	849	$	1,028	$	2,343	$	3,546
Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits	(C)/(D)		4.63 x		3.54 x		3.28 x		2.21 x		1.55 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.

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STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

		Years Ended December 31,
(Dollars in millions)		2011		2010		2009		2008		2007
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,536	$	2,086	$	2,525	$	2,842	$	1,903
Share of pre-tax income of unconsolidated entities			37		67		43		34		65
Fixed charges			462		636		607		983		1,248
Adjusted earnings	(A)	$	3,035	$	2,789	$	3,175	$	3,859	$	3,216
Interest on short-term borrowings		$	96	$	257	$	218	$	674	$	959
Interest on long-term debt, including amortization of debt issuance costs			241		235		251		187		189
Portion of long-term leases representative of the interest factor(1)			125		144		138		122		100
Fixed charges	(B)	$	462	$	636	$	607	$	983	$	1,248
Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits	(A)/(B)		6.57 x		4.39x		5.23x		3.93x		2.58x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,536	$	2,086	$	2,525	$	2,842	$	1,903
Share of pre-tax income of unconsolidated entities			37		67		43		34		65
Fixed charges			682		849		802		2,309		3,546
Adjusted earnings	(C)	$	3,255	$	3,002	$	3,370	$	5,185	$	5,514
Interest on short-term borrowings and deposits		$	316	$	470	$	413	$	2,000	$	3,257
Interest on long-term debt, including amortization of debt issuance costs			241		235		251		187		189
Portion of long-term leases representative of the interest factor(1)			125		144		138		122		100
Fixed charges	(D)	$	682	$	849	$	802	$	2,309	$	3,546
Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits	(C)/(D)		4.77 x		3.54x		4.20x		2.25x		1.55x

⁽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.

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