EX-12
Ratio of Earnings to Fixed charges
EXHIBIT 12
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
FOR THE THREE MONTHS ENDED
-----------------------------
MARCH 30, MARCH 31,
2001 2000
---------- ----------
Pre-tax earnings from continuing operations $ 1,351 $ 1,685
Add: Fixed charges (excluding capitalized
interest and preferred security dividend
requirements of subsidiaries) 5,577 3,843
------- -------
Pre-tax earnings before fixed charges 6,928 5,528
======= =======
Fixed charges:
Interest 5,512 3,775
Other (a) 117 120
------- -------
Total fixed charges 5,629 3,895
======= =======
Preferred stock dividend requirements 14 14
------- -------
Total combined fixed charges
and preferred stock dividends $ 5,643 $ 3,909
======= =======
RATIO OF EARNINGS TO FIXED CHARGES 1.23 1.42
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.23 1.41
(a) Other fixed charges consists of the interest factor in rentals,
amortization of debt issuance costs, preferred security dividend
requirements of subsidiaries, and capitalized interest.
Note: Prior period amounts have been restated to reflect the merger with Herzog,
Heine, Geduld, Inc. as required under pooling-of-interests accounting.
5