EX-12 2 q315exhibit12earningstofix.htm EXHIBIT 12 Exhibit


EXHIBIT 12
STATE STREET CORPORATION
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
 
 
Nine Months Ended September 30,
 
Years Ended December 31,
(Dollars in millions)
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,634

 
$
2,458

 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

Share of pre-tax income (loss) of unconsolidated entities
 
(11
)
 
(10
)
 
1

 
(15
)
 
37

 
67

Fixed charges
 
234

 
318

 
365

 
370

 
462

 
636

Adjusted earnings
(A)
$
1,857

 
$
2,766

 
$
3,052

 
$
3,121

 
$
3,035

 
$
2,789

Interest on short-term borrowings
 
$
5

 
$
6

 
$
60

 
$
73

 
$
96

 
$
257

Interest on long-term debt, including amortization of debt issuance costs
 
159

 
206

 
184

 
176

 
241

 
235

Portion of long-term leases representative of the interest factor(1)
 
70

 
106

 
121

 
121

 
125

 
144

Preferred stock dividends and related adjustments(2)
 
118

 
61

 
33

 
39

 
27

 
—

Fixed charges and preferred stock dividends
(B)
$
352

 
$
379

 
$
398

 
$
409

 
$
489

 
$
636

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits
(A)/(B)
5.28 x

 
7.30x

 
7.67x

 
7.63x

 
6.21x

 
4.39x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 

 
 
 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,634

 
$
2,458

 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

Share of pre-tax income (loss) of unconsolidated entities
 
(11
)
 
(10
)
 
1

 
(15
)
 
37

 
67

Fixed charges
 
301

 
416

 
458

 
536

 
682

 
849

Adjusted earnings
(C)
$
1,924

 
$
2,864

 
$
3,145

 
$
3,287

 
$
3,255

 
$
3,002

Interest on short-term borrowings and deposits
 
$
72

 
$
104

 
$
153

 
$
239

 
$
316

 
$
470

Interest on long-term debt, including amortization of debt issuance costs
 
159

 
206

 
184

 
176

 
241

 
235

Portion of long-term leases representative of the interest factor(1)
 
70

 
106

 
121

 
121

 
125

 
144

Preferred stock dividends and related adjustments(2)
 
118

 
61

 
33

 
39

 
27

 
—

Fixed charges and preferred stock dividends
(D)
$
419

 
$
477

 
$
491

 
$
575

 
$
709

 
$
849

Consolidated ratios of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits
(C)/(D)
4.59 x

 
6.00x

 
6.41x

 
5.72x

 
4.59x

 
3.54x

___________________________
(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
 
 
 
Nine Months Ended September 30,
 
Years Ended December 31,
(Dollars in millions)
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
EXCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations, as reported
 
$
1,634

 
$
2,458

 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

Share of pre-tax income (loss) of unconsolidated entities
 
(11
)
 
(10
)
 
1

 
(15
)
 
37

 
67

Fixed charges
 
234

 
318

 
365

 
370

 
462

 
636

Adjusted earnings
(A)
$
1,857

 
$
2,766

 
$
3,052

 
$
3,121

 
$
3,035

 
$
2,789

Interest on short-term borrowings
 
$
5

 
$
6

 
$
60

 
$
73

 
$
96

 
$
257

Interest on long-term debt, including amortization of debt issuance costs
 
159

 
206

 
184

 
176

 
241

 
235

Portion of long-term leases representative of the interest factor(1)
 
70

 
106

 
121

 
121

 
125

 
144

Fixed charges
(B)
$
234

 
$
318

 
$
365

 
$
370

 
$
462

 
$
636

Consolidated ratios of adjusted earnings to fixed charges, excluding interest on deposits
(A)/(B)
7.94 x

 
8.70x

 
8.36x

 
8.44x

 
6.57x

 
4.39x

INCLUDING INTEREST ON DEPOSITS:
 
 
 
 
 
 

 
 

 
 

 
 

Pre-tax income from continuing operations, as reported
 
$
1,634

 
$
2,458

 
$
2,686

 
$
2,766

 
$
2,536

 
$
2,086

Share of pre-tax income (loss) of unconsolidated entities
 
(11
)
 
(10
)
 
1

 
(15
)
 
37

 
67

Fixed charges
 
301

 
416

 
458

 
536

 
682

 
849

Adjusted earnings
(C)
$
1,924

 
$
2,864

 
$
3,145

 
$
3,287

 
$
3,255

 
$
3,002

Interest on short-term borrowings and deposits
 
$
72

 
$
104

 
$
153

 
$
239

 
$
316

 
$
470

Interest on long-term debt, including amortization of debt issuance costs
 
159

 
206

 
184

 
176

 
241

 
235

Portion of long-term leases representative of the interest factor(1)
 
70

 
106

 
121

 
121

 
125

 
144

Fixed charges
(D)
$
301

 
$
416

 
$
458

 
$
536

 
$
682

 
$
849

Consolidated ratios of adjusted earnings to fixed charges, including interest on deposits
(C)/(D)
6.39 x

 
6.88x

 
6.87x

 
6.13x

 
4.77x

 
3.54x

 
___________________________
(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.