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 For the Nine Months Ended -------------------------- ------------------------- Sept. 26, Sept. 27, Sept. 26, Sept. 27, 2003 2002 2003 2002 - ---------------------------------------------------------------------------------------------------------------------------------- Pre-tax earnings (a) $ 1,401 $ 1,054 $ 3,914 $ 3,044 Add: Fixed charges (excluding preferred security dividend requirements of subsidiaries) 1,839 2,534 5,971 7,499 -------- -------- -------- -------- Pre-tax earnings before fixed charges 3,240 3,588 9,885 10,543 ======== ======== ======== ======== Fixed charges: Interest 1,790 2,484 5,825 7,342 Other (b) 96 98 289 302 -------- -------- -------- -------- Total fixed charges 1,886 2,582 6,114 7,644 ======== ======== ======== ======== Preferred stock dividend requirements 14 14 40 41 -------- -------- -------- -------- Total combined fixed charges and preferred stock dividends $ 1,900 $ 2,596 $ 6,154 $ 7,685 ======== ======== ======== ======== Ratio of earnings to fixed charges 1.72 1.39 1.62 1.38 Ratio of earnings to combined fixed charges and preferred stock dividends 1.71 1.38 1.61 1.37 - ---------------------------------------------------------------------------------------------------------------------------------- (a) Excludes undistributed earnings (loss) from equity investees. (b) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, and preferred security dividend requirements of subsidiaries.
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