EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF PER COMMON SHARE EARNINGS ---------------------------------------- (In Thousands, Except Per Share Amounts)
For the Three Months Ended ------------------------- April 1, March 26, 1994 (A) 1993(A)(B) ---------- ------------- 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) -------- -------- 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 ======== ======== 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 ======== ========
(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.