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 For the Six Months
Ended Ended
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July 1, June 25, July 1, June 25,
1994 1993 1994 1993
(A) (A) (A) (A)(B)
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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)
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Net earnings..................................... 251,809 345,047 623,568 652,013
Remarketed Preferred stock dividends............. (1,539) (1,278) (2,875) (2,674)
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Net earnings applicable to common stockholders... $250,270 $343,769 $620,693 $649,339
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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
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Total shares..................................... 212,489 225,612 216,561 225,762
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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)
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Net earnings..................................... $ 1.18 $ 1.52 $ 2.87 $ 2.88
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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
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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
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Total shares..................................... 212,489 226,922 216,561 226,418
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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
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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.