EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
YEAR ENDED LAST FRIDAY IN DECEMBER ---------------------------------------------------------- 1993 1992 1991 1990 1989 ---------- ---------- ---------- ---------- ---------- (53 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS) Pretax earnings (loss).. $2,424,808 $1,621,389 $1,017,418 $ 282,328 $ (158,386) Deduct equity in undistributed net earnings of unconsolidated subsidiaries........... (13,029) (12,913) (10,677) (9,429) (23,292) ---------- ---------- ---------- ---------- ---------- Total pretax earnings (loss)................. 2,411,779 1,608,476 1,006,741 272,899 (181,678) ---------- ---------- ---------- ---------- ---------- Add: Fixed charges: Interest............... 6,008,511 4,822,711 5,073,824 5,343,107 5,351,027 Amortization of debt expense............... 3,921 4,232 4,366 3,890 5,785 Capitalized interest... -- -- 929 555 5,886 ---------- ---------- ---------- ---------- ---------- Total interest......... 6,012,432 4,826,943 5,079,119 5,347,552 5,362,698 Interest factor in rents................. 141,654 141,546 141,438 135,038 124,104 ---------- ---------- ---------- ---------- ---------- Total fixed charges..... 6,154,086 4,968,489 5,220,557 5,482,590 5,486,802 ---------- ---------- ---------- ---------- ---------- Pretax earnings before fixed charges (excluding capitalized interest).............. $8,565,865 $6,576,965 $6,226,369 $5,754,934 $5,299,238 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges.......... 1.39 1.32 1.19 1.05 (A) ========== ========== ========== ========== ==========
- ------- (A) In 1989, pretax earnings before fixed charges were inadequate to cover fixed charges by $187,564.