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 --------------------------------------------------------------------- 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- (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 ---------- --------- ---------- ----------- ---------- Net earnings applicable to common stockholders $ 3,745 $ 2,654 $ 1,233 $ 1,889 $ 1,628 ========== ========= ========== =========== ========== 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 ---------- --------- ---------- ----------- ---------- DILUTIVE POTENTIAL COMMON SHARES 113.1 98.8 101.4 111.5 93.9 ---------- --------- ---------- ----------- ---------- TOTAL WEIGHTED-AVERAGE DILUTED SHARES 911.4 853.5 830.3 809.8 804.4 ========== ========= ========== =========== ========== BASIC EARNINGS PER SHARE $ 4.69 $ 3.52 $ 1.69 $ 2.70 $ 2.29 ========== ========= ========== =========== ========== DILUTED EARNINGS PER SHARE $ 4.11 $ 3.11 $ 1.49 $ 2.33 $ 2.03 ========== ========= ========== =========== ==========
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.