EX-12 2 a05-18472_1ex12.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

 

 

Nine Months
Ended September 30,

 

Years Ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

(Dollars in millions)

 

(A) Excluding interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

$

1,064

 

 

$

1,231

 

$

1,123

 

$

1,554

 

$

944

 

$

914

 

Fixed charges

 

 

665

 

 

481

 

424

 

552

 

1,025

 

1,387

 

Earnings as adjusted

 

 

$

1,729

 

 

$

1,712

 

$

1,547

 

$

2,106

 

$

1,969

 

$

2,301

 

Income before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations as reported

 

 

$

1,055

 

 

$

1,192

 

$

1,112

 

$

1,555

 

$

930

 

$

906

 

Share of pre-tax income (loss) of 50% owned subsidiaries not included in above 

 

 

9

 

 

39

 

11

 

(1

)

14

 

8

 

Pre-tax income as adjusted

 

 

$

1,064

 

 

$

1,231

 

$

1,123

 

$

1,554

 

$

944

 

$

914

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on other borrowings

 

 

$

516

 

 

$

315

 

$

279

 

$

426

 

$

881

 

$

1,268

 

Interest on long-term debt, including amortization of debt issue costs

 

 

70

 

 

68

 

69

 

71

 

93

 

82

 

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

 

 

79

 

 

98

 

76

 

55

 

51

 

37

 

Fixed charges

 

 

$

665

 

 

$

481

 

$

424

 

$

552

 

$

1,025

 

$

1,387

 

Ratio of earnings to fixed charges

 

 

2.60

x

 

3.56

x

3.65

x

3.82

x

1.92

x

1.66

x

(B) Including interest on deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings from (A) above

 

 

$

1,729

 

 

$

1,712

 

$

1,547

 

$

2,106

 

$

1,969

 

$

2,301

 

Add interest on deposits

 

 

789

 

 

512

 

372

 

498

 

856

 

1,012

 

Earnings as adjusted

 

 

$

2,518

 

 

$

2,224

 

$

1,919

 

$

2,604

 

$

2,825

 

$

3,313

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges from (A) above

 

 

$

665

 

 

$

481

 

$

424

 

$

552

 

$

1,025

 

$

1,387

 

Interest on deposits

 

 

789

 

 

512

 

372

 

498

 

856

 

1,012

 

Adjusted fixed charges

 

 

$

1,454

 

 

$

993

 

$

796

 

$

1,050

 

$

1,881

 

$

2,399

 

Adjusted earnings to adjusted fixed charges

 

 

1.73

x

 

2.24

x

2.41

x

2.48

x

1.50

x

1.38

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 the consolidated statement of income.