EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ------------------------------------------------- (Dollars In Thousands)
For the Three Months For the Six Months Ended Ended ------------------------ ------------------------ July 1, June 25, July 1, June 25, 1994 1993 1994 1993 ----------- ----------- ----------- ----------- Pretax earnings from continuing operations........ $ 432,662 $ 594,908 $1,084,870 $1,185,229 Deduct equity in undistributed net earnings of unconsolidated subsidiaries................... (9,400) (7,440) (12,448) (8,538) ---------- ---------- ---------- ---------- Total pretax earnings from continuing operations....................................... 423,262 587,468 1,072,422 1,176,691 ---------- ---------- ---------- ---------- Add: Fixed Charges (A) Interest.................................. 2,075,400 1,402,722 3,974,827 2,746,069 Amortization of debt expense.............. 771 990 1,568 2,136 ---------- ---------- ---------- ---------- Total interest.............................. 2,076,171 1,403,712 3,976,395 2,748,205 Interest factor in rents.................... 32,242 33,784 65,806 70,717 ---------- ---------- ---------- ---------- Total fixed charges............................... 2,108,413 1,437,496 4,042,201 2,818,922 ---------- ---------- ---------- ---------- Pretax earnings before fixed charges.............. $2,531,675 $2,024,964 $5,114,623 $3,995,613 ========== ========== ========== ========== Ratio of earnings to fixed charges................ 1.20 1.41 1.27 1.42 ========== ========== ========== ==========
(A) There was no capitalized interest for the 1994 and 1993 periods. 5