EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| Years Ended December 31, | |||||||||||||||||
| (Dollars in millions) |
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | |||||||
| Share of pre-tax income of unconsolidated entities |
34 | 65 | 43 | 16 | 39 | ||||||||||||
| Fixed charges |
983 | 1,248 | 1,384 | 948 | 481 | ||||||||||||
| Preferred stock dividends and related adjustments |
22 | — | — | — | — | ||||||||||||
| Adjusted earnings |
(A) | $ | 3,881 | $ | 3,216 | $ | 3,198 | $ | 2,396 | $ | 1,712 | ||||||
| Interest on short-term borrowings |
$ | 674 | $ | 959 | $ | 1,145 | $ | 753 | $ | 315 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
187 | 189 | 140 | 100 | 68 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
122 | 100 | 99 | 95 | 98 | ||||||||||||
| Preferred stock dividends and related adjustments |
22 | — | — | — | — | ||||||||||||
| Fixed charges and preferred stock dividends |
(B) | $ | 1,005 | $ | 1,248 | $ | 1,384 | $ | 948 | $ | 481 | ||||||
| Consolidated ratio of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits |
(A)/(B) | 3.86 x | 2.58 x | 2.31 x | 2.53 x | 3.56 x | |||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | |||||||
| Share of pre-tax income of unconsolidated entities |
34 | 65 | 43 | 16 | 39 | ||||||||||||
| Fixed charges |
2,309 | 3,546 | 3,275 | 2,080 | 993 | ||||||||||||
| Preferred stock dividends and related adjustments |
22 | — | — | — | — | ||||||||||||
| Adjusted earnings |
(C) | $ | 5,207 | $ | 5,514 | $ | 5,089 | $ | 3,528 | $ | 2,224 | ||||||
| Interest on short-term borrowings and deposits |
$ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | $ | 827 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
187 | 189 | 140 | 100 | 68 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
122 | 100 | 99 | 95 | 98 | ||||||||||||
| Preferred stock dividends and related adjustments |
22 | — | — | — | — | ||||||||||||
| Fixed charges and preferred stock dividends |
(D) | $ | 2,331 | $ | 3,546 | $ | 3,275 | $ | 2,080 | $ | 993 | ||||||
| Consolidated ratio of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits |
(C)/(D) | 2.23 x | 1.55 x | 1.55 x | 1.70 x | 2.24 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 the consolidated statement of income. |
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
| Years Ended December 31, | |||||||||||||||||
| (Dollars in millions) |
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | |||||||
| Share of pre-tax income of unconsolidated entities |
34 | 65 | 43 | 16 | 39 | ||||||||||||
| Fixed charges |
983 | 1,248 | 1,384 | 948 | 481 | ||||||||||||
| Adjusted earnings |
(A) | $ | 3,859 | $ | 3,216 | $ | 3,198 | $ | 2,396 | $ | 1,712 | ||||||
| Interest on short-term borrowings |
$ | 674 | $ | 959 | $ | 1,145 | $ | 753 | $ | 315 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
187 | 189 | 140 | 100 | 68 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
122 | 100 | 99 | 95 | 98 | ||||||||||||
| Fixed charges |
(B) | $ | 983 | $ | 1,248 | $ | 1,384 | $ | 948 | $ | 481 | ||||||
| Consolidated ratio of adjusted earnings to fixed charges, excluding interest on deposits |
(A)/(B) | 3.93 x | 2.58 x | 2.31 x | 2.53 x | 3.56 x | |||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | $ | 1,192 | |||||||
| Share of pre-tax income of unconsolidated entities |
34 | 65 | 43 | 16 | 39 | ||||||||||||
| Fixed charges |
2,309 | 3,546 | 3,275 | 2,080 | 993 | ||||||||||||
| Adjusted earnings |
(C) | $ | 5,185 | $ | 5,514 | $ | 5,089 | $ | 3,528 | $ | 2,224 | ||||||
| Interest on short-term borrowings and deposits |
$ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | $ | 827 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
187 | 189 | 140 | 100 | 68 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
122 | 100 | 99 | 95 | 98 | ||||||||||||
| Fixed charges |
(D) | $ | 2,309 | $ | 3,546 | $ | 3,275 | $ | 2,080 | $ | 993 | ||||||
| Consolidated ratio of adjusted earnings to fixed charges, including interest on deposits |
(C)/(D) | 2.25 x | 1.55 x | 1.55 x | 1.70 x | 2.24 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 the consolidated statement of income. |