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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2000 1999 1998 1997 1996
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(52 weeks) (53 weeks) (52 weeks) (52 weeks) (52 weeks)
NET EARNINGS $ 3,784 $ 2,693 $ 1,271 $ 1,928 $ 1,674
Preferred stock dividends 39 39 38 39 46
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Net earnings applicable to common stockholders $ 3,745 $ 2,654 $ 1,233 $ 1,889 $ 1,628
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WEIGHTED-AVERAGE BASIC SHARES OUTSTANDING 798.3 754.7 728.9 698.3 710.5
Effect of dilutive instruments:
Employee stock options 68.2 55.7 58.4 59.5 43.9
FCCAAP shares 29.6 31.9 33.1 41.1 39.1
Restricted units 15.3 11.1 9.8 10.5 9.5
ESPP shares - 0.1 0.1 0.1 0.1
Convertible debt - - - 0.3 1.3
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DILUTIVE POTENTIAL COMMON SHARES 113.1 98.8 101.4 111.5 93.9
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TOTAL WEIGHTED-AVERAGE DILUTED SHARES 911.4 853.5 830.3 809.8 804.4
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BASIC EARNINGS PER SHARE $ 4.69 $ 3.52 $ 1.69 $ 2.70 $ 2.29
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DILUTED EARNINGS PER SHARE $ 4.11 $ 3.11 $ 1.49 $ 2.33 $ 2.03
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Note: Prior period amounts have been restated to reflect the merger with Herzog,
Heine, Geduld, Inc. as required under pooling-of-interests accounting and
the 2-for-1 common stock split paid on August 31, 2000.
Basic and diluted earnings per share are based on actual numbers before
rounding.