EX-12 4 0004.txt RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 STATE STREET CORPORATION Ratio of Earnings to Fixed Charges --------------------------------------------------------------------------------
Six months ended Year Ended December 31, June 30, ----------------------------------------- (Dollars in million) 2000 1999 1998 1997 1996 1995 -------------------------------------------------------------------------------- (A) Excluding interest on deposits: Earnings: Income before income taxes.................. $ 495 $ 974 $ 662 $ 568 $ 453 $ 370 Fixed charges........... 614 954 856 613 477 495 ------- ------- ------- ------- ------ ------ Earnings as adjusted... $ 1,109 $ 1,928 $ 1,518 $ 1,181 $ 930 $ 865 ======= ======= ======= ======= ====== ====== Income before income taxes Pretax income from continuing operations as reported ........... $ 490 $ 968 $ 657 $ 564 $ 447 $ 366 Share of pretax income (loss) of 50% owned subsidiaries not included in above...... 5 6 5 4 6 4 ------- ------- ------- ------- ------ ------ Net income as adjusted.. $ 495 $ 974 $ 662 $ 568 $ 453 $ 370 ======= ======= ======= ======= ====== ====== Fixed charges: Interest on other borrowings............. $ 573 $ 874 $ 770 $ 548 $ 452 $ 482 Interest on long-term debt including amortization of debt issue costs............ 36 70 66 55 15 9 Portion of rents representative of the interest factor in long term lease............. 5 10 20 10 10 4 ------- ------- ------- ------- ------ ------ Fixed charges.......... $ 614 $ 954 $ 856 $ 613 $ 477 $ 495 ======= ======= ======= ======= ====== ====== Ratio of earnings to fixed charges.......... 1.81x 2.02x 1.77x 1.93x 1.95x 1.75x (B) Including interest on deposits: Adjusted earnings from (A) above.............. $ 1,109 $ 1,928 $ 1,518 $ 1,181 $ 930 $ 865 Add interest on deposits............... 458 712 656 512 425 416 ------- ------- ------- ------- ------ ------ Earnings as adjusted.... $ 1,567 $ 2,640 $ 2,174 $ 1,693 $1,355 $1,281 ======= ======= ======= ======= ====== ====== Fixed Charges: Fixed charges from (A) above.................. $ 614 $ 954 $ 856 $ 613 $ 477 $ 495 Interest on deposits.... 458 712 656 512 425 416 ------- ------- ------- ------- ------ ------ Adjusted fixed charges............... $ 1,072 $ 1,666 $ 1,512 $ 1,125 $ 902 $ 911 ======= ======= ======= ======= ====== ====== Adjusted earnings to adjusted fixed charges................ 1.46x 1.58x 1.44x 1.50x 1.50x 1.41x
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