EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
| Years Ended December 31, | |||||||||||||||||
| (Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | |||||||
| Share of pre-tax income of unconsolidated subsidiaries |
43 | 34 | 65 | 43 | 16 | ||||||||||||
| Fixed charges |
612 | 983 | 1,248 | 1,384 | 948 | ||||||||||||
| Adjusted earnings |
(A) | $ | 3,180 | $ | 3,859 | $ | 3,216 | $ | 3,198 | $ | 2,396 | ||||||
| Interest on other short-term borrowings |
$ | 223 | $ | 674 | $ | 959 | $ | 1,145 | $ | 753 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
251 | 187 | 189 | 140 | 100 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
138 | 122 | 100 | 99 | 95 | ||||||||||||
| Preferred stock dividends and related adjustments(2) |
226 | 34 | — | — | — | ||||||||||||
| Fixed charges and preferred stock dividends |
(B) | $ | 838 | $ | 1,017 | $ | 1,248 | $ | 1,384 | $ | 948 | ||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits |
(A)/(B) | 3.79 x | 3.79 x | 2.58 x | 2.31 x | 2.53 x | |||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | |||||||
| Share of pre-tax income of unconsolidated subsidiaries |
43 | 34 | 65 | 43 | 16 | ||||||||||||
| Fixed charges |
807 | 2,309 | 3,546 | 3,275 | 2,080 | ||||||||||||
| Adjusted earnings |
(C) | $ | 3,375 | $ | 5,185 | $ | 5,514 | $ | 5,089 | $ | 3,528 | ||||||
| Interest on other short-term borrowings and deposits |
$ | 418 | $ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
251 | 187 | 189 | 140 | 100 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
138 | 122 | 100 | 99 | 95 | ||||||||||||
| Preferred stock dividends and related adjustments |
226 | 34 | — | — | — | ||||||||||||
| Fixed charges and preferred stock dividends |
(D) | $ | 1,033 | $ | 2,343 | $ | 3,546 | $ | 3,275 | $ | 2,080 | ||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits |
(C)/(D) | 3.27 x | 2.21 x | 1.55 x | 1.55 x | 1.70 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. |
| (2) | Preferred dividends, including accretion, were adjusted to represent pre-tax earnings that would be required to cover dividend and accretion requirements. |
Ratios of Earnings to Fixed Charges
| Years Ended December 31, | |||||||||||||||||
| (Dollars in millions) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | |||||||
| Share of pre-tax income of unconsolidated subsidiaries |
43 | 34 | 65 | 43 | 16 | ||||||||||||
| Fixed charges |
612 | 983 | 1,248 | 1,384 | 948 | ||||||||||||
| Adjusted earnings |
(A) | $ | 3,180 | $ | 3,859 | $ | 3,216 | $ | 3,198 | $ | 2,396 | ||||||
| Interest on other short-term borrowings |
$ | 223 | $ | 674 | $ | 959 | $ | 1,145 | $ | 753 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
251 | 187 | 189 | 140 | 100 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
138 | 122 | 100 | 99 | 95 | ||||||||||||
| Fixed charges |
(B) | $ | 612 | $ | 983 | $ | 1,248 | $ | 1,384 | $ | 948 | ||||||
| Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits |
(A)/(B) | 5.20 x | 3.93 x | 2.58 x | 2.31 x | 2.53 x | |||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
|||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | $ | 1,432 | |||||||
| Share of pre-tax income of unconsolidated subsidiaries |
43 | 34 | 65 | 43 | 16 | ||||||||||||
| Fixed charges |
807 | 2,309 | 3,546 | 3,275 | 2,080 | ||||||||||||
| Adjusted earnings |
(C) | $ | 3,375 | $ | 5,185 | $ | 5,514 | $ | 5,089 | $ | 3,528 | ||||||
| Interest on other short-term borrowings and deposits |
$ | 418 | $ | 2,000 | $ | 3,257 | $ | 3,036 | $ | 1,885 | |||||||
| Interest on long-term debt, including amortization of debt issuance costs |
251 | 187 | 189 | 140 | 100 | ||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
138 | 122 | 100 | 99 | 95 | ||||||||||||
| Fixed charges |
(D) | $ | 807 | $ | 2,309 | $ | 3,546 | $ | 3,275 | $ | 2,080 | ||||||
| Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits |
(C)/(D) | 4.18 x | 2.25 x | 1.55 x | 1.55 x | 1.70 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. |