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EXHIBIT 12
STATE STREET CORPORATION
Ratio of Earnings to Fixed Charges
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Six months
ended Year Ended December 31,
June 30, -----------------------------------------
(Dollars in million) 2000 1999 1998 1997 1996 1995
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(A) Excluding interest on
deposits:
Earnings:
Income before income
taxes.................. $ 495 $ 974 $ 662 $ 568 $ 453 $ 370
Fixed charges........... 614 954 856 613 477 495
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Earnings as adjusted... $ 1,109 $ 1,928 $ 1,518 $ 1,181 $ 930 $ 865
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Income before income
taxes
Pretax income from
continuing operations
as reported ........... $ 490 $ 968 $ 657 $ 564 $ 447 $ 366
Share of pretax income
(loss) of 50% owned
subsidiaries not
included in above...... 5 6 5 4 6 4
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Net income as adjusted.. $ 495 $ 974 $ 662 $ 568 $ 453 $ 370
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Fixed charges:
Interest on other
borrowings............. $ 573 $ 874 $ 770 $ 548 $ 452 $ 482
Interest on long-term
debt including
amortization of debt
issue costs............ 36 70 66 55 15 9
Portion of rents
representative of the
interest factor in long
term lease............. 5 10 20 10 10 4
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Fixed charges.......... $ 614 $ 954 $ 856 $ 613 $ 477 $ 495
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Ratio of earnings to
fixed charges.......... 1.81x 2.02x 1.77x 1.93x 1.95x 1.75x
(B) Including interest on
deposits:
Adjusted earnings from
(A) above.............. $ 1,109 $ 1,928 $ 1,518 $ 1,181 $ 930 $ 865
Add interest on
deposits............... 458 712 656 512 425 416
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Earnings as adjusted.... $ 1,567 $ 2,640 $ 2,174 $ 1,693 $1,355 $1,281
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Fixed Charges:
Fixed charges from (A)
above.................. $ 614 $ 954 $ 856 $ 613 $ 477 $ 495
Interest on deposits.... 458 712 656 512 425 416
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Adjusted fixed
charges............... $ 1,072 $ 1,666 $ 1,512 $ 1,125 $ 902 $ 911
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Adjusted earnings to
adjusted fixed
charges................ 1.46x 1.58x 1.44x 1.50x 1.50x 1.41x
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