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 ------------------------ YEAR ENDED LAST FRIDAY IN DECEMBER ----------------------------------------------------------------- MARCH 29, MARCH 28, 1992 1993 1994 1995 1996 1996 1997 ------------- ----------- ----------- ----------- ----------- ----------- ----------- (52 WEEKS) (53 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS) EARNINGS Earnings before cumulative effect of changes in accounting principles.... $ 952 $ 1,394 $ 1,017 $ 1,114 $ 1,619 $ 410 $ 465 Cumulative effect of changes in accounting principles............... (58) (35) -- -- -- -- -- --------- ---------- ---------- ---------- ---------- --------- --------- Net earnings.......................... 894 1,359 1,017 1,114 1,619 410 465 Preferred stock dividends............. (7) (5) (13) (48) (47) (12) (10) --------- ---------- ---------- ---------- ---------- --------- --------- Net earnings applicable to common stockholders........................ $ 887 $ 1,354 $ 1,004 $ 1,066 $ 1,572 $ 398 $ 455 --------- ---------- ---------- ---------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- --------- --------- PRIMARY WEIGHTED AVERAGE SHARES Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2 Assuming issuance of shares relating to employee incentive plans......... 37.3 34.1 31.2 38.9 45.9 46.9 57.9 --------- ---------- ---------- ---------- ---------- --------- --------- Total shares.......................... 452.8 452.7 422.5 392.0 383.7 392.5 389.1 --------- ---------- ---------- ---------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- --------- --------- PRIMARY EARNINGS PER SHARE Earnings before cumulative effect of changes in accounting principles.... $ 2.09 $ 3.07 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17 Cumulative effect of changes in accounting principles............... (.13) (.08) -- -- -- -- -- --------- ---------- ---------- ---------- ---------- --------- --------- Net earnings.......................... $ 1.96 $ 2.99 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17 --------- ---------- ---------- ---------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- --------- --------- FULLY DILUTED WEIGHTED AVERAGE SHARES Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2 Assuming issuance of shares relating to employee incentive plans......... 38.2 36.4 32.1 40.2 52.6 46.9 57.9 --------- ---------- ---------- ---------- ---------- --------- --------- Total shares.......................... 453.7 455.0 423.4 393.3 390.4 392.5 389.1 --------- ---------- ---------- ---------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- --------- --------- FULLY DILUTED EARNINGS PER SHARE Earnings before cumulative effect of changes in accounting principles.... $ 2.09 $ 3.06 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17 Cumulative effect of changes in accounting principles............... (.13) (.08) -- -- -- -- -- --------- ---------- ---------- ---------- ---------- --------- --------- Net earnings.......................... $ 1.96 $ 2.98 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17 --------- ---------- ---------- ---------- ---------- --------- --------- --------- ---------- ---------- ---------- ---------- --------- ---------

Notes: All share and per share amounts have been restated for the two-for-one common stock split, effected in the form of a 100% stock dividend, declared by the Board of Directors on April 15, 1997 and paid on May 30, 1997. Primary and fully diluted earnings per share are based on actual numbers before rounding. 5