EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- (Dollars In Thousands)
For the Three Months Ended -------------------------- April 1, March 26, 1994 1993 ---------- ---------- Pretax earnings from continuing operations.... $ 652,208 $ 590,321 Deduct equity in undistributed net earnings of unconsolidated subsidiaries.............. (3,048) (1,098) ---------- ---------- Total pretax earnings from continuing operations.................................. 649,160 589,223 ---------- ---------- Add: Fixed Charges (A) Interest.............................. 1,899,427 1,343,347 Amortization of debt expense.......... 797 1,146 ---------- ---------- Total interest.......................... 1,900,224 1,344,493 Interest factor in rents................ 33,564 36,933 ---------- ---------- Total fixed charges........................... 1,933,788 1,381,426 ---------- ---------- Pretax earnings before fixed charges.......... $2,582,948 $1,970,649 ========== ========== Ratio of earnings to fixed charges............ 1.34 1.43 ========== ==========
(A) There was no capitalized interest for the 1994 and 1993 first quarters.