EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF PER COMMON SHARE EARNINGS ---------------------------------------- (In Thousands, Except Per Share Amounts)
For the Three Months For the Six Months Ended Ended ----------------------- --------------------- July 1, June 25, July 1, June 25, 1994 1993 1994 1993 (A) (A) (A) (A)(B) ----------- ---------- -------- ---------- Primary: Earnings before cumulative effect of change in accounting principle................ $251,809 $345,047 $623,568 $687,433 Cumulative effect of change in accounting principle....................... - - - (35,420) -------- -------- -------- -------- Net earnings..................................... 251,809 345,047 623,568 652,013 Remarketed Preferred stock dividends............. (1,539) (1,278) (2,875) (2,674) -------- -------- -------- -------- Net earnings applicable to common stockholders... $250,270 $343,769 $620,693 $649,339 ======== ======== ======== ======== Weighted average shares outstanding: Common stock.................................. 198,224 209,776 200,499 209,224 Assuming issuance of shares relating to employee incentive plans..................... 14,265 15,836 16,062 16,538 -------- -------- -------- -------- Total shares..................................... 212,489 225,612 216,561 225,762 ======== ======== ======== ======== Per common share amounts: Earnings before cumulative effect of change in accounting principle............. $ 1.18 $ 1.52 $ 2.87 $ 3.04 Cumulative effect of change in accounting principle.................... - - - (.16) -------- -------- -------- -------- Net earnings..................................... $ 1.18 $ 1.52 $ 2.87 $ 2.88 ======== ======== ======== ======== Fully diluted: Earnings before cumulative effect of change in accounting principle............. $251,809 $345,047 $623,568 $687,433 Cumulative effect of change in accounting principle.................... - - - (35,420) -------- -------- -------- -------- Net earnings..................................... 251,809 345,047 623,568 652,013 Remarketed Preferred stock dividends............. (1,539) (1,278) (2,875) (2,674) -------- -------- -------- -------- Net earnings applicable to common stockholders... $250,270 $343,769 $620,693 $649,339 ======== ======== ======== ======== Weighted average shares outstanding: Common stock.................................. 198,224 209,776 200,499 209,224 Assuming issuance of shares relating to employee incentive plans..................... 14,265 17,146 16,062 17,194 -------- -------- -------- -------- Total shares..................................... 212,489 226,922 216,561 226,418 ======== ======== ======== ======== Per common share amounts: Earnings before cumulative effect of change in accounting principle.......... $ 1.18 $ 1.51 $ 2.87 $ 3.03 Cumulative effect of change in accounting principle.................... - - - (.16) -------- -------- -------- -------- Net earnings..................................... $ 1.18 $ 1.51 $ 2.87 $ 2.87 ======== ======== ======== ========
(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.