Exhibit 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (In Millions, Except Per Share Amounts) Three Months Ended Six Months Ended -------------------- -------------------- June 27, June 28, June 27, June 28, 1997 1996 1997 1996 -------- -------- -------- -------- EARNINGS Net earnings.................................... $ 481 $ 433 $ 947 $ 843 Preferred stock dividends....................... (9) (11) (20) (23) -------- -------- -------- -------- Net earnings applicable to common stockholders.. $ 472 $ 422 $ 927 $ 820 -------- -------- -------- -------- -------- -------- -------- -------- PRIMARY WEIGHTED AVERAGE SHARES Common stock.................................... 329.9 341.3 330.5 343.4 Assuming issuance of shares relating to employee incentive plans...................... 49.5 44.6 53.7 45.3 -------- -------- -------- -------- Total shares.................................... 379.4 385.9 384.2 388.7 -------- -------- -------- -------- -------- -------- -------- -------- PRIMARY EARNINGS PER SHARE...................... $1.24 $1.09 $2.41 $2.11 -------- -------- -------- -------- -------- -------- -------- -------- FULLY DILUTED WEIGHTED AVERAGE SHARES Common stock.................................... 329.9 341.3 330.5 343.4 Assuming issuance of shares relating to employee incentive plans...................... 54.5 44.6 56.3 45.8 -------- -------- -------- -------- Total shares.................................... 384.4 385.9 386.8 389.2 -------- -------- -------- -------- -------- -------- -------- -------- FULLY DILUTED EARNINGS PER SHARE................ $1.23 $1.09 $2.40 $2.11 -------- -------- -------- -------- -------- -------- -------- -------- NOTE: 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, paid on May 30, 1997.