EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(in millions, except per share amounts)
Year Ended Last Friday in December
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1999 1998 1997 1996 1995
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Net earnings $2,618 $1,259 $1,935 $1,648 $1,126
Preferred stock dividends (38) (39) (39) (46) (48)
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Net earnings applicable to common stockholders 2,580 1,220 1,896 1,602 1,078
Interest on convertible debt - - - 1 1
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2,580 1,220 1,896 1,603 1,079
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Weighted-average shares outstanding (Basic shares) 368.7 355.6 340.1 346.0 361.2
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Effect of dilutive instruments:
Employee stock options 27.9 29.2 29.7 21.9 19.9
FCCAAP shares 15.9 16.6 20.6 19.6 18.7
Restricted units 5.6 4.9 5.3 4.7 2.4
ESPP shares - - - .1 .1
Convertible debt - - .2 .7 .6
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Dilutive potential common shares 49.4 50.7 55.8 47.0 41.7
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Diluted shares 418.1 406.3 395.9 393.0 402.9
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BASIC EARNINGS PER SHARE $ 7.00 $ 3.43 $ 5.57 $ 4.63 $ 2.98
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DILUTED EARNINGS PER SHARE $ 6.17 $ 3.00 $ 4.79 $ 4.08 $ 2.68
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Note: Basic and diluted earnings per share are based on actual numbers before
rounding.