EXHIBIT 12(a) MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (dollars in millions)
Year Ended Last Friday in December 2001 2000 1999 1998 1997 --------------- ------------- -------------- ------------------ ------------------ (52 weeks) (53 weeks) (53 weeks) (52 weeks) (52 weeks) Pre-tax earnings from continuing operations $ 1,377 $ 5,717 $ 4,206 $ 2,120 $ 3,102 Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) 17,097 18,307 13,235 17,237 15,128 --------------- ------------- -------------- ------------------ ------------------ Pre-tax earnings before fixed charges 18,474 24,024 17,441 19,357 18,230 Fixed charges: Interest 16,843 18,052 12,987 17,014 14,938 Other (a) 451 465 451 354 240 --------------- ------------- -------------- ------------------ ------------------ Total fixed charges $17,294 $18,517 $13,438 $17,368 $15,178 --------------- ------------- -------------- ------------------ ------------------ Ratio of earnings to fixed charges 1.07 1.30 1.30 1.11 1.20
(a) Other fixed charges consists of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and amortization of capitalized interest. Note: Prior period amounts have been restated to reflect the merger with Herzog, Heine, Geduld, Inc. as required under pooling-of-interests accounting.