EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
| (Dollars in millions) | Three Months Ended March 31, 2011 |
Years Ended December 31, | ||||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 660 | $ | 2,086 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | ||||||||||||||
| Share of pre-tax income of unconsolidated entities |
21 | 67 | 43 | 34 | 65 | 43 | ||||||||||||||||||||
| Fixed charges |
122 | 636 | 607 | 983 | 1,248 | 1,384 | ||||||||||||||||||||
| Adjusted earnings |
(A) | $ | 803 | $ | 2,789 | $ | 3,175 | $ | 3,859 | $ | 3,216 | $ | 3,198 | |||||||||||||
| Interest on short-term borrowings |
$ | 27 | $ | 257 | $ | 218 | $ | 674 | $ | 959 | $ | 1,145 | ||||||||||||||
| Interest on long-term debt, including amortization of debt issuance costs |
59 | 235 | 251 | 187 | 189 | 140 | ||||||||||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
36 | 144 | 138 | 122 | 100 | 99 | ||||||||||||||||||||
| Preferred stock dividends and related adjustments(2) |
— | — | 226 | 34 | — | — | ||||||||||||||||||||
| Fixed charges and preferred stock dividends |
(B) | $ | 122 | $ | 636 | $ | 833 | $ | 1,017 | $ | 1,248 | $ | 1,384 | |||||||||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits |
(A)/(B) | 6.58x | 4.39 x | 3.81 x | 3.79 x | 2.58 x | 2.31 x | |||||||||||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 660 | $ | 2,086 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | ||||||||||||||
| Share of pre-tax income of unconsolidated entities |
21 | 67 | 43 | 34 | 65 | 43 | ||||||||||||||||||||
| Fixed charges |
180 | 849 | 802 | 2,309 | 3,546 | 3,275 | ||||||||||||||||||||
| Adjusted earnings |
(C) | $ | 861 | $ | 3,002 | $ | 3,370 | $ | 5,185 | $ | 5,514 | $ | 5,089 | |||||||||||||
| Interest on short-term borrowings and deposits |
$ | 85 | $ | 470 | $ | 413 | $ | 2,000 | $ | 3,257 | $ | 3,036 | ||||||||||||||
| Interest on long-term debt, including amortization of debt issuance costs |
59 | 235 | 251 | 187 | 189 | 140 | ||||||||||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
36 | 144 | 138 | 122 | 100 | 99 | ||||||||||||||||||||
| Preferred stock dividends and related adjustments(2) |
— | — | 226 | 34 | — | — | ||||||||||||||||||||
| Fixed charges and preferred stock dividends |
(D) | $ | 180 | $ | 849 | $ | 1,028 | $ | 2,343 | $ | 3,546 | $ | 3,275 | |||||||||||||
| Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits |
(C)/(D) | 4.78x | 3.54 x | 3.28 x | 2.21 x | 1.55 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. |
STATE STREET CORPORATION
Ratios of Earnings to Fixed Charges
| (Dollars in millions) | Three Months Ended March 31, 2011 |
Years Ended December 31, | ||||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||
| EXCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 660 | $ | 2,086 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | ||||||||||||||
| Share of pre-tax income of unconsolidated entities |
21 | 67 | 43 | 34 | 65 | 43 | ||||||||||||||||||||
| Fixed charges |
122 | 636 | 607 | 983 | 1,248 | 1,384 | ||||||||||||||||||||
| Adjusted earnings |
(A) | $ | 803 | $ | 2,789 | $ | 3,175 | $ | 3,859 | $ | 3,216 | $ | 3,198 | |||||||||||||
| Interest on short-term borrowings |
$ | 27 | $ | 257 | $ | 218 | $ | 674 | $ | 959 | $ | 1,145 | ||||||||||||||
| Interest on long-term debt, including amortization of debt issuance costs |
59 | 235 | 251 | 187 | 189 | 140 | ||||||||||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
36 | 144 | 138 | 122 | 100 | 99 | ||||||||||||||||||||
| Fixed charges |
(B) | $ | 122 | $ | 636 | $ | 607 | $ | 983 | $ | 1,248 | $ | 1,384 | |||||||||||||
| Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits |
(A)/(B) | 6.58x | 4.39x | 5.23x | 3.93x | 2.58x | 2.31x | |||||||||||||||||||
| INCLUDING INTEREST ON DEPOSITS: |
||||||||||||||||||||||||||
| Pre-tax income from continuing operations, as reported |
$ | 660 | $ | 2,086 | $ | 2,525 | $ | 2,842 | $ | 1,903 | $ | 1,771 | ||||||||||||||
| Share of pre-tax income of unconsolidated entities |
21 | 67 | 43 | 34 | 65 | 43 | ||||||||||||||||||||
| Fixed charges |
180 | 849 | 802 | 2,309 | 3,546 | 3,275 | ||||||||||||||||||||
| Adjusted earnings |
(C) | $ | 861 | $ | 3,002 | $ | 3,370 | $ | 5,185 | $ | 5,514 | $ | 5,089 | |||||||||||||
| Interest on short-term borrowings and deposits |
$ | 85 | $ | 470 | $ | 413 | $ | 2,000 | $ | 3,257 | $ | 3,036 | ||||||||||||||
| Interest on long-term debt, including amortization of debt issuance costs |
59 | 235 | 251 | 187 | 189 | 140 | ||||||||||||||||||||
| Portion of long-term leases representative of the interest factor(1) |
36 | 144 | 138 | 122 | 100 | 99 | ||||||||||||||||||||
| Fixed charges |
(D) | $ | 180 | $ | 849 | $ | 802 | $ | 2,309 | $ | 3,546 | $ | 3,275 | |||||||||||||
| Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits |
(C)/(D) | 4.78x | 3.54x | 4.20x | 2.25x | 1.55x | 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. |