EX-12 2 a06-21873_1ex12.htm EX-12

EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

 

 

 

 

Nine Months
Ended
September 30,

 

Years Ended December 31,

 

(Dollars in millions)

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

EXCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations, as reported

 

 

 

$

1,327

 

$

1,432

 

$

1,192

 

$

1,112

 

$

1,555

 

$

930

 

Share of pre-tax income (loss) of unconsolidated subsidiaries

 

 

 

27

 

16

 

39

 

11

 

(1

)

14

 

Fixed charges

 

 

 

997

 

948

 

481

 

424

 

552

 

1,025

 

Earnings

 

(A)

 

$

2,351

 

$

2,396

 

$

1,712

 

$

1,547

 

$

2,106

 

$

1,969

 

Interest on other short-term borrowings

 

 

 

$

818

 

$

753

 

$

315

 

$

279

 

$

426

 

$

881

 

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

 

 

 

104

 

100

 

68

 

69

 

71

 

93

 

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

 

 

 

75

 

95

 

98

 

76

 

55

 

51

 

Fixed charges

 

(B)

 

$

997

 

$

948

 

$

481

 

$

424

 

$

552

 

$

1,025

 

Consolidated ratios of earnings to fixed charges, excluding interest on deposits

 

(A)/(B)

 

2.36

x

2.53

x

3.56

x

3.65

x

3.82

x

1.92

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCLUDING INTEREST ON DEPOSITS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations, as reported

 

 

 

$

1,327

 

$

1,432

 

$

1,192

 

$

1,112

 

$

1,555

 

$

930

 

Share of pre-tax income (loss) of unconsolidated subsidiaries

 

 

 

27

 

16

 

39

 

11

 

(1

)

14

 

Fixed charges

 

 

 

2,351

 

2,080

 

993

 

796

 

1,050

 

1,881

 

Earnings

 

(C)

 

$

3,705

 

$

3,528

 

$

2,224

 

$

1,919

 

$

2,604

 

$

2,825

 

Interest on other short-term borrowings and deposits

 

 

 

$

2,172

 

$

1,885

 

$

827

 

$

651

 

$

924

 

$

1,737

 

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

 

 

 

104

 

100

 

68

 

69

 

71

 

93

 

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

 

 

 

75

 

95

 

98

 

76

 

55

 

51

 

Fixed charges

 

(D)

 

$

2,351

 

$

2,080

 

$

993

 

$

796

 

$

1,050

 

$

1,881

 

Consolidated ratios of earnings to fixed charges, including interest on deposits

 

(C)/(D)

 

1.58

x

1.70

x

2.24

x

2.41

x

2.48

x

1.50

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.