EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (A) (In Thousands, Except Per Share Amounts)
YEAR ENDED LAST FRIDAY IN DECEMBER ----------------------------------------------------------- 1993 (C) 1992 (C) 1991 1990 1989 ----------- ---------- ---------- ---------- ---------- (53 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) Primary: Earnings (loss) before cumulative effect of changes in accounting principles and discontinued operations $1,394,359 $952,405 $696,117 $191,856 $(217,366) Cumulative effect of changes in accounting principles (35,420) (58,580) - - - Discontinued operations - - - - 3,981 ---------- -------- -------- -------- --------- Net earnings (loss) 1,358,939 893,825 696,117 191,856 (213,385) Remarketed Preferred stock dividends (5,381) (6,339) (17,725) (23,924) (22,016) ---------- -------- -------- -------- --------- Net earnings (loss) applicable to common stockholders $1,353,558 $887,486 $678,392 $167,932 $(235,401) ========== ======== ======== ======== ========= Weighted average shares outstanding: Common stock 209,276 207,730 204,754 205,220 203,718 Assuming issuance of shares relating to employee incentive plans (B) 17,055 18,672 20,596 5,832 - ---------- -------- -------- -------- --------- Total shares 226,331 226,402 225,350 211,052 203,718 ========== ======== ======== ======== ========= Per common share amounts: Earnings (loss) before cumulative effect of changes in accounting principles and discontinued operations $ 6.14 $ 4.18 $ 3.01 $ .80 $ (1.18) Cumulative effect of changes in accounting principles (.16) (.26) - - - Discontinued operations - - - - (.02) ---------- -------- -------- -------- --------- Net earnings (loss) $ 5.98 $ 3.92 $ 3.01 $ .80 $ (1.16) ========== ======== ======== ======== ========= Fully diluted: Earnings (loss) before cumulative effect of changes in accounting principles and discontinued operations $1,394,359 $952,405 $696,117 $191,856 $(217,366) Cumulative effect of changes in accounting principles (35,420) (58,580) - - - Discontinued operations - - - - 3,981 ---------- -------- -------- -------- --------- Net earnings (loss) 1,358,939 893,825 696,117 191,856 (213,385) Remarketed Preferred stock dividends (5,381) (6,339) (17,725) (23,924) (22,016) ---------- -------- -------- -------- --------- Net earnings (loss) applicable to common stockholders $1,353,558 $887,486 $678,392 $167,932 $(235,401) ========== ======== ======== ======== ========= Weighted average shares outstanding: Common stock 209,276 207,730 204,754 205,220 203,718 Assuming issuance of shares relating to employee incentive plans (B) 18,204 19,124 25,162 5,832 - ---------- -------- -------- -------- --------- Total shares 227,480 226,854 229,916 211,052 203,718 ========== ======== ======== ======== ========= Per common share amounts: Earnings (loss) before cumulative effect of changes in accounting principles and discontinued operations $ 6.11 $ 4.17 $ 2.95 $ .80 $ (1.18) Cumulative effect of changes in accounting principles (.16) (.26) - - - Discontinued operations - - - - .02 ---------- -------- -------- -------- --------- Net earnings (loss) $ 5.95 $ 3.91 $ 2.95 $ .80 $ (1.16) ========== ======== ======== ======== =========
(A) All share and per share amounts have been restated for the two-for-one common stock split, effected in the form of a 100% stock dividend, declared by the Board of Directors on October 11, 1993 and paid on November 24, 1993. (B) The inclusion of incremental shares in 1989 would have been antidilutive for both primary and fully diluted per common share computations; therefore, they have been excluded. (C) In accordance with Accounting Principles Board Opinion No. 15, the modified treasury stock method was used to calculate Per Common Share Earnings in 1993 and 1992.