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EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
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Nine months
ended Year Ended December 31,
September 30, --------------------------------------
(Dollars in millions) 2000 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
(A) Excluding interest on
deposits:
Earnings:
Income before income
taxes.................. $ 737 $ 974 $ 662 $ 568 $ 453 $ 370
Fixed charges........... 959 954 846 613 477 495
------ ------ ------ ------ ------ ------
Earnings as adjusted... $1,696 $1,928 $1,508 $1,181 $ 930 $ 865
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Income before income
taxes..................
Pretax income from
continuing operations
as reported............ $ 730 $ 968 $ 657 $ 564 $ 447 $ 366
Share of pretax income
(loss) of 50% owned
subsidiaries not
included in above...... 7 6 5 4 6 4
------ ------ ------ ------ ------ ------
Net income as adjusted.. $ 737 $ 974 $ 662 $ 568 $ 453 $ 370
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Fixed charges:
Interest on other
borrowings............. $ 893 $ 874 $ 770 $ 548 $ 452 $ 482
Interest on long-term
debt including
amortization of debt
issue costs............ 59 70 66 55 15 9
Portion of rents
representative of the
interest factor in long
term lease............. 7 10 10 10 10 4
------ ------ ------ ------ ------ ------
Fixed charges.......... $ 959 $ 954 $ 846 $ 613 $ 477 $ 495
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Ratio of earnings to
fixed charges.......... 1.77x 2.02x 1.78x 1.93x 1.95x 1.75x
(B) Including interest on
deposits:
Adjusted earnings from
(A) above.............. $1,696 $1,928 $1,508 $1,181 $ 930 $ 865
Add interest on
deposits............... 718 712 656 512 425 416
------ ------ ------ ------ ------ ------
Earnings as adjusted.... $2,414 $2,640 $2,164 $1,693 $1,355 $1,281
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Fixed Charges:
Fixed charges from (A)
above.................. $ 959 $ 954 $ 846 $ 613 $ 477 $ 495
Interest on deposits.... 718 712 656 512 425 416
------ ------ ------ ------ ------ ------
Adjusted fixed
charges............... $1,677 $1,666 $1,502 $1,125 $ 902 $ 911
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Adjusted earnings to
adjusted fixed
charges................ 1.44x 1.58x 1.44x 1.50x 1.50x 1.41x
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