EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ Computation of Ratio of Earnings to Fixed Charges (In Thousands, Except Ratios)
Year Ended Last Friday in December ----------------------------------------------------------------------------------- 1993 1992 1991 1990 1989 ----------- ----------- ----------- ----------- ----------- (53 weeks) (52 weeks) (52 weeks) (52 weeks) (52 weeks) Pretax earnings (loss) $2,424,808 $1,621,389 $1,017,418 $ 282,328 $ (158,386) Deduct equity in undistributed net earnings of unconsolidated subsidiaries (13,029) (12,913) (10,677) (9,429) (23,292) ----------- ----------- ----------- ----------- ----------- Total pretax earnings (loss) 2,411,779 1,608,476 1,006,741 272,899 (181,678) ----------- ----------- ----------- ----------- ----------- Add: Fixed charges: Interest 6,008,511 4,822,711 5,073,824 5,343,107 5,351,027 Amortization of debt expense 3,921 4,232 4,366 3,890 5,785 Capitalized interest - - 929 555 5,886 ----------- ----------- ----------- ----------- ----------- Total interest 6,012,432 4,826,943 5,079,119 5,347,552 5,362,698 Interest factor in rents 141,654 141,546 141,438 135,038 124,104 ----------- ----------- ----------- ----------- ----------- Total fixed charges 6,154,086 4,968,489 5,220,557 5,482,590 5,486,802 ----------- ----------- ----------- ----------- ----------- Pretax earnings before fixed charges (excluding capitalized interest) $8,565,865 $6,576,965 $6,226,369 $5,754,934 $5,299,238 =========== =========== =========== =========== =========== Ratio of earnings to fixed charges 1.39 1.32 1.19 1.05 (A) =========== =========== =========== =========== ===========
(A) In 1989, pretax earnings before fixed charges were inadequate to cover fixed charges by $187,564.