EXHIBIT 12
Morgan Stanley
Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Unaudited)
| Three Months Ended March 31, 2018 |
Twelve Months Ended December 31, | |||||||||||||||||||||||
| $ in millions | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Ratio of Earnings to Fixed Charges |
||||||||||||||||||||||||
|
Earnings1 |
$ | 3,502 | $ | 10,295 | $ | 8,805 | $ | 8,229 | $ | 3,235 | $ | 3,502 | ||||||||||||
| Fixed charges2 |
1,999 | 6,010 | 3,575 | 2,987 | 3,935 | 4,695 | ||||||||||||||||||
| Total earnings and fixed charges |
$ | 5,501 | $ | 16,305 | $ | 12,380 | $ | 11,216 | $ | 7,170 | $ | 8,197 | ||||||||||||
| Fixed charges2 |
||||||||||||||||||||||||
| Total interest expense3 |
$ | 1,936 | $ | 5,767 | $ | 3,336 | $ | 2,742 | $ | 3,679 | $ | 4,414 | ||||||||||||
| Interest factor in rents |
63 | 243 | 239 | 245 | 256 | 281 | ||||||||||||||||||
| Total fixed charges |
$ | 1,999 | $ | 6,010 | $ | 3,575 | $ | 2,987 | $ | 3,935 | $ | 4,695 | ||||||||||||
| Ratio of earnings to fixed charges |
2.8 | 2.7 | 3.5 | 3.8 | 1.8 | 1.7 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Stock Dividends |
|
|||||||||||||||||||||||
|
Earnings1 |
$ | 3,502 | $ | 10,295 | $ | 8,805 | $ | 8,229 | $ | 3,235 | $ | 3,502 | ||||||||||||
| Fixed charges2 |
1,999 | 6,010 | 3,575 | 2,987 | 3,935 | 4,695 | ||||||||||||||||||
| Total earnings and fixed charges |
$ | 5,501 | $ | 16,305 | $ | 12,380 | $ | 11,216 | $ | 7,170 | $ | 8,197 | ||||||||||||
| Fixed charges2 |
||||||||||||||||||||||||
| Total interest expense3 |
$ | 1,936 | $ | 5,767 | $ | 3,336 | $ | 2,742 | $ | 3,679 | $ | 4,414 | ||||||||||||
| Interest factor in rents |
63 | 243 | 239 | 245 | 256 | 281 | ||||||||||||||||||
| Preferred stock dividends4 |
118 | 873 | 676 | 610 | 311 | 150 | ||||||||||||||||||
| Total fixed charges and preferred stock dividends |
$ | 2,117 | $ | 6,883 | $ | 4,251 | $ | 3,597 | $ | 4,246 | $ | 4,845 | ||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends |
2.6 | 2.4 | 2.9 | 3.1 | 1.7 | 1.7 | ||||||||||||||||||
| 1. | Amounts represent earnings before income taxes and do not include dividends on preferred securities, income (loss) from discontinued operations, noncontrolling interests and income or loss from equity investees. |
| 2. | Fixed charges do not include interest expense on uncertain tax liabilities as the Firm records these amounts within Provision for income taxes. |
| 3. | Amounts consist of interest cost, including interest on deposits and capitalized interest. |
| 4. | The preferred stock dividends amount represents pre-tax earnings required to cover dividends on preferred stock. |