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
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March 28, March 29,
1997 1996
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Pretax earnings from continuing operations............................. $ 766 $ 671
Add: Fixed charges..................................................... 3,672 2,795
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Pretax earnings before fixed charges................................... $ 4,438 $ 3,466
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Fixed charges:
Interest............................................................. $ 3,608 $ 2,756
Other(A)............................................................. 64 39
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Total fixed charges.................................................. $ 3,672 $ 2,795
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Preferred stock dividend requirements................................ $ 17 $ 19
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Total combined fixed charges and preferred stock dividends........... $ 3,689 $ 2,814
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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.