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 Six Months
Year Ended last Friday in December Ended
---------------------------------- --------------------
1995 1994 1993 1992 1991 June 28, June 30,
-------- -------- -------- -------- -------- 1996 1995
(52 Weeks) (52 Weeks) (53 Weeks) (52 Weeks) (52 Weeks) -------- -------
Pretax earnings from
continuing operations $ 1,811 $ 1,730 $2,425 $1,621 $1,017 $1,369 $ 843
------ ------
Deduct equity in undistributed
net earnings of unconsolidated
subsidiaries - (19) (13) (13) (10)
------- -------- ------ ------ ------
Total pretax earnings from
continuing operations 1,811 1,711 2,412 1,608 1,007
------- -------- ------ ------ -----
Add:
Fixed charges
Interest 11,238 8,586 6,009 4,823 5,074 5,565 5,183
Other (A) 144 138 152 152 146 77 69
------ ------ ----- ----- ----- ----- -----
Total fixed charges 11,382 8,724 6,161 4,975 5,220 5,642 5,882
Preferred stock dividend 77 22 9 11 26 37 39
requirements ------ ------ ----- ----- ----- ----- -----
Total combined fixed charges and
preferred stock dividends 11,459 8,746 6,170 4,986 5,246 5,697 5,921
------- ------- ------ ------ ------ ------ ------
Pretax earnings before fixed charges $13,193 $10,435 $8,573 $6,583 $6,227 $7,011 $6,725
======= ======= ====== ====== ====== ====== ======
Pretax earnings before combined
fixed charges and preferred
stock dividends $13,270 $10,457 $8,582 $6,594 $6,253 $7,048 $6,764
======= ======= ====== ====== ====== ====== ======
Ratio of earnings to fixed charges 1.16 1.20 1.39 1.32 1.19 1.24 1.14
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.16 1.20 1.39 1.32 1.19 1.24 1.14
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt
expense, and preferred stock dividend requirements of majority-owned subsidiaries.