EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(In Millions, Except Per Share Amounts)
For the Three Months Ended
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MARCH 28, MARCH 29,
1997 1996
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EARNINGS
Net earnings........................................................... $ 465 $ 410
Preferred stock dividends.............................................. (10) (12)
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Net earnings applicable to common stockholders......................... $ 455 $ 398
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PRIMARY WEIGHTED AVERAGE SHARES
Common stock........................................................... 165.6 172.8
Assuming issuance of shares relating to employee incentive plans...... 28.9 23.4
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Total shares........................................................... 194.5 196.2
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PRIMARY EARNINGS PER SHARE............................................. $ 2.34 $ 2.03
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FULLY DILUTED WEIGHTED AVERAGE SHARES
Common stock........................................................... 165.6 172.8
Assuming issuance of shares relating to employee incentive plans....... 28.9 23.4
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Total shares.......................................................... 194.5 196.2
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FULLY DILUTED EARNINGS PER SHARE....................................... $ 2.34 $ 2.03
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NOTE: In accordance with Accounting Principles Board Opinion No. 15, the
modified treasury stock method was used to calculate per common share
earnings.
NOTE: Earnings per common share amounts and average shares used in computing
earnings per common share do not give effect to the two-for-one common
stock split, effected in the form of a stock dividend, declared by the
Board of Directors on April 15, 1997 and payable on May 30, 1997.