EX-12 6 dex12.htm RATIOS OF EARNINGS TO FIXED CHARGES Ratios of Earnings to Fixed Charges

EXHIBIT 12

STATE STREET CORPORATION

Ratios of Earnings to Fixed Charges

 

        Nine Months
Ended
September 30,
2008		     Years Ended December 31,  
(Dollars in millions)       2007     2006     2005     2004     2003  

EXCLUDING INTEREST ON DEPOSITS:

              

Pre-tax income from continuing operations, as reported

     $ 2,480     $ 1,903     $ 1,771     $ 1,432     $ 1,192     $ 1,112  

Share of pre-tax income of unconsolidated subsidiaries

       26       65       43       16       39       11  

Fixed charges

       592       1,248       1,384       948       481       424  
                                                 

Earnings

   (A)   $ 3,098     $ 3,216     $ 3,198     $ 2,396     $ 1,712     $ 1,547  
                                                 

Interest on short-term borrowings

     $ 360     $ 959     $ 1,145     $ 753     $ 315     $ 279  

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

       141       189       140       100       68       69  

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

       91       100       99       95       98       76  
                                                 

Fixed charges

   (B)   $ 592     $ 1,248     $ 1,384     $ 948     $ 481     $ 424  
                                                 

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

   (A)/(B)     5.23 x     2.58 x     2.31 x     2.53 x     3.56 x     3.65 x
                                                 

INCLUDING INTEREST ON DEPOSITS:

              

Pre-tax income from continuing operations, as reported

     $ 2,480     $ 1,903     $ 1,771     $ 1,432     $ 1,192     $ 1,112  

Share of pre-tax income of unconsolidated subsidiaries

       26       65       43       16       39       11  

Fixed charges

       1,704       3,546       3,275       2,080       993       796  
                                                 

Earnings

   (C)   $ 4,210     $ 5,514     $ 5,089     $ 3,528     $ 2,224     $ 1,919  
                                                 

Interest on short-term borrowings and deposits

     $ 1,472     $ 3,257     $ 3,036     $ 1,885     $ 827     $ 651  

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

       141       189       140       100       68       69  

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

       91       100       99       95       98       76  
                                                 

Fixed charges

   (D)   $ 1,704     $ 3,546     $ 3,275     $ 2,080     $ 993     $ 796  
                                                 

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

   (C)/(D)     2.47 x     1.55 x     1.55 x     1.70 x     2.24 x     2.41 x
                                                 

 

(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 the consolidated statement of income.