EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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COMPUTATION OF PER COMMON SHARE EARNINGS
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(In Thousands, Except Per Share Amounts)
For the Three Months
Ended
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April 1, March 26,
1994 (A) 1993(A)(B)
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Primary:
Earnings before cumulative effect of
change in accounting principle............... $371,759 $342,386
Cumulative effect of change
in accounting principle...................... - (35,420)
-------- --------
Net earnings.................................... 371,759 306,966
Remarketed Preferred stock dividends............ (1,336) (1,396)
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Net earnings applicable to common stockholders.. $370,423 $305,570
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Weighted average shares outstanding:
Common stock................................. 202,774 208,674
Assuming issuance of shares relating to
employee incentive plans.................... 17,859 17,240
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Total shares.................................... 220,633 225,914
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Per common share amounts:
Earnings before cumulative effect of
change in accounting principle.............. $ 1.68 $ 1.51
Cumulative effect of change
in accounting principle..................... - (0.16)
-------- --------
Net earnings.................................... $ 1.68 $ 1.35
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Fully diluted:
Earnings before cumulative effect of
change in accounting principle............... $371,759 $342,386
Cumulative effect of change
in accounting principle...................... - (35,420)
-------- --------
Net earnings.................................... 371,759 306,966
Remarketed Preferred stock dividends............ (1,336) (1,396)
-------- --------
Net earnings applicable to common stockholders.. $370,423 $305,570
======== ========
Weighted average shares outstanding:
Common stock................................. 202,774 208,674
Assuming issuance of shares relating to
employee incentive plans.................... 17,859 17,240
-------- --------
Total shares.................................... 220,633 225,914
======== ========
Per common share amounts:
Earnings before cumulative effect
of change in accounting principle........... $ 1.68 $ 1.51
Cumulative effect of change
in accounting principle..................... - (0.16)
-------- --------
Net earnings.................................... $ 1.68 $ 1.35
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(A) In accordance with Accounting Principles Board Opinion No. 15, the modified
treasury stock method was used to calculate per common share earnings.
(B) 1993 results have been restated to reflect the adoption of Statement of
Financial Accounting Standards No. 112.