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 28, March 29, 1997 1996 ---------- ---------- Pretax earnings from continuing operations............................. $ 766 $ 671 Add: Fixed charges..................................................... 3,672 2,795 ---------- ---------- Pretax earnings before fixed charges................................... $ 4,438 $ 3,466 ---------- ---------- ---------- ---------- Fixed charges: Interest............................................................. $ 3,608 $ 2,756 Other(A)............................................................. 64 39 ---------- ---------- Total fixed charges.................................................. $ 3,672 $ 2,795 ---------- ---------- ---------- ---------- Preferred stock dividend requirements................................ $ 17 $ 19 ---------- ---------- Total combined fixed charges and preferred stock dividends........... $ 3,689 $ 2,814 ---------- ---------- ---------- ---------- Ratio of earnings to fixed charges..................................... 1.21 1.24 Ratio of earnings to combined fixed charges and preferred stock dividends............................................................ 1.20 1.23
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.