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 NINE MONTHS YEAR ENDED LAST FRIDAY IN DECEMBER ENDED ------------------------------------------------------------- ----------------------- SEPT. 27, SEPT. 29, 1991 1992 1993 1994 1995 1996 1995 ---------- ---------- ---------- --------- --------- -------- --------- (52 Weeks) (52 Weeks) (53 Weeks) (52 weeks) (52 weeks) Pretax earnings from continuing operations $1,017 $1,621 $2,425 $ 1,730 $ 1,811 $ 1,891 $1,329 Deduct equity in undistributed net earnings of unconsolidated subsidiaries (10) (13) (13) (19) -- -- -- ------ ------ ------ ------- ------- ------- ------- Total pretax earnings from continuing operations 1,007 1,608 2,412 1,711 1,811 1,891 1,329 ------ ------ ------ ------- ------- ------- ------- Add: Fixed charges Interest 5,074 4,823 6,009 8,586 11,238 8,669 8,559 Other(A) 146 152 152 138 144 117 105 ------ ------ ------ ------- ------- ------- ------- Total fixed charges 5,220 4,975 6,161 8,724 11,382 8,786 8,664 Preferred stock dividend requirements 26 11 9 22 77 56 58 ------ ------ ------ ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends 5,246 4,986 6,170 8,746 11,459 8,842 8,722 ------ ------ ------ ------- ------- ------- ------- Pretax earnings before fixed charges $6,227 $6,583 $8,573 $10,435 $13,193 $10,677 $ 9,993 ------ ------ ------ ------- ------- ------- ------- ------ ------ ------ ------- ------- ------- ------- Pretax earnings before combined fixed charges and preferred stock dividends $6,253 $6,594 $8,582 $10,457 $13,270 $10,733 $10,051 ------ ------ ------ ------- ------- ------- ------- ------ ------ ------ ------- ------- ------- ------- Ratio of earnings to fixed charges 1.19 1.32 1.39 1.20 1.16 1.22 1.15 Ratio of earnings to combined fixed charges and preferred stock dividends 1.19 1.32 1.39 1.20 1.16 1.21 1.15
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.