EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- (Dollars In Thousands)
For the Three Months For the Nine Months Ended Ended --------------------------- --------------------------- Sept. 30, Sept. 24, Sept. 30, Sept. 24, 1994 1993 1994 1993 ------------ ------------ ------------ ------------ Pretax earnings from continuing operations. $ 389,522 $ 642,299 $1,474,392 $1,827,528 Deduct equity in undistributed net earnings of unconsolidated subsidiaries........... (3,218) (3,598) (15,666) (12,136) ---------- ---------- ---------- ---------- Total pretax earnings from continuing operations............................... 386,304 638,701 1,458,726 1,815,392 ---------- ---------- ---------- ---------- Add: Fixed Charges (A) Interest........................... 2,223,203 1,500,574 6,198,030 4,246,643 Amortization of debt expense....... 512 930 2,080 3,066 ---------- ---------- ---------- ---------- Total interest....................... 2,223,715 1,501,504 6,200,110 4,249,709 Interest factor in rents............. 31,017 34,259 96,822 104,975 ---------- ---------- ---------- ---------- Total fixed charges........................ 2,254,732 1,535,763 6,296,932 4,354,684 ---------- ---------- ---------- ---------- Pretax earnings before fixed charges....... $2,641,036 $2,174,464 $7,755,658 $6,170,076 ========== ========== ========== ========== Ratio of earnings to fixed charges......... 1.17 1.42 1.23 1.42 ========== ========== ========== ==========
(A) There was no capitalized interest for the 1994 and 1993 periods. 5