EX-12 4 a2180317zex-12.htm EXHIBIT 12
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EXHIBIT 12


STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

 
    
   Nine Months
Ended
September 30,
2007
   Years Ended December 31,
  
(Dollars in millions)
    
  
   
   2006
   2005
   2004
   2003
   2002
  
EXCLUDING INTEREST ON DEPOSITS:                                          
Pre-tax income from continuing operations, as reported       $ 1,597   $ 1,771   $ 1,432   $ 1,192   $ 1,112   $ 1,555  
Share of pre-tax income (loss) of unconsolidated subsidiaries         60     43     16     39     11     (1 )
Fixed charges         977     1,384     948     481     424     552  
       
 
 
 
 
 
 
Earnings   (A)   $ 2,634   $ 3,198   $ 2,396   $ 1,712   $ 1,547   $ 2,106  
       
 
 
 
 
 
 
Interest on other short-term borrowings       $ 762   $ 1,145   $ 753   $ 315   $ 279   $ 426  
Interest on long-term debt, including amortization of debt issuance costs         141     140     100     68     69     71  
Portion of rents representative of the interest factor on long-term leases(1)         74     99     95     98     76     55  
       
 
 
 
 
 
 
Fixed charges   (B)   $ 977   $ 1,384   $ 948   $ 481   $ 424   $ 552  
       
 
 
 
 
 
 
Consolidated ratios of earnings to fixed charges, excluding interest on deposits   (A)/(B)     2.70 x   2.31 x   2.53 x   3.56 x   3.65 x   3.82 x
       
 
 
 
 
 
 
INCLUDING INTEREST ON DEPOSITS:                                          
Pre-tax income from continuing operations, as reported       $ 1,597   $ 1,771   $ 1,432   $ 1,192   $ 1,112   $ 1,555  
Share of pre-tax income (loss) of unconsolidated subsidiaries         60     43     16     39     11     (1 )
Fixed charges         2,631     3,275     2,080     993     796     1,050  
       
 
 
 
 
 
 
Earnings   (C)   $ 4,288   $ 5,089   $ 3,528   $ 2,224   $ 1,919   $ 2,604  
       
 
 
 
 
 
 
Interest on other short-term borrowings and deposits       $ 2,416   $ 3,036   $ 1,885   $ 827   $ 651   $ 924  
Interest on long-term debt, including amortization of debt issuance costs         141     140     100     68     69     71  
Portion of rents representative of the interest factor on long-term leases(1)         74     99     95     98     76     55  
       
 
 
 
 
 
 
Fixed charges   (D)   $ 2,631   $ 3,275   $ 2,080   $ 993   $ 796   $ 1,050  
       
 
 
 
 
 
 
Consolidated ratios of earnings to fixed charges, including interest on deposits   (C)/(D)     1.63 x   1.55 x   1.70 x   2.24 x   2.41 x   2.48 x
       
 
 
 
 
 
 
(1)
The interest factor on long-term operating leases was estimated using one-third of rental expense. The interest factor on long-term capital leases was equal to the amount recorded as interest expense in our consolidated statement of income.



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