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 ---------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Net earnings $2,618 $1,259 $1,935 $1,648 $1,126 Preferred stock dividends (38) (39) (39) (46) (48) ------ ------ ------ ------ ------ Net earnings applicable to common stockholders 2,580 1,220 1,896 1,602 1,078 Interest on convertible debt - - - 1 1 ------ ------ ------ ------ ------ 2,580 1,220 1,896 1,603 1,079 ====== ====== ====== ====== ====== Weighted-average shares outstanding (Basic shares) 368.7 355.6 340.1 346.0 361.2 ------ ------ ------ ------ ------ 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 ------ ------ ------ ------ ------ Dilutive potential common shares 49.4 50.7 55.8 47.0 41.7 ------ ------ ------ ------ ------ Diluted shares 418.1 406.3 395.9 393.0 402.9 ====== ====== ====== ====== ====== BASIC EARNINGS PER SHARE $ 7.00 $ 3.43 $ 5.57 $ 4.63 $ 2.98 ====== ====== ====== ====== ====== DILUTED EARNINGS PER SHARE $ 6.17 $ 3.00 $ 4.79 $ 4.08 $ 2.68 ====== ====== ====== ====== ======
Note: Basic and diluted earnings per share are based on actual numbers before rounding.