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 ----------------------------- MARCH 28, MARCH 29, 1997 1996 ----------- ----------- EARNINGS Net earnings........................................................... $ 465 $ 410 Preferred stock dividends.............................................. (10) (12) ------ ------ Net earnings applicable to common stockholders......................... $ 455 $ 398 ------ ------ ------ ------ PRIMARY WEIGHTED AVERAGE SHARES Common stock........................................................... 165.6 172.8 Assuming issuance of shares relating to employee incentive plans...... 28.9 23.4 ------ ------ Total shares........................................................... 194.5 196.2 ------ ------ ------ ------ PRIMARY EARNINGS PER SHARE............................................. $ 2.34 $ 2.03 ------ ------ ------ ------ FULLY DILUTED WEIGHTED AVERAGE SHARES Common stock........................................................... 165.6 172.8 Assuming issuance of shares relating to employee incentive plans....... 28.9 23.4 ------ ------ Total shares.......................................................... 194.5 196.2 ------ ------ ------ ------ FULLY DILUTED EARNINGS PER SHARE....................................... $ 2.34 $ 2.03 ------ ------ ------ ------
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.