EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS (IN THOUSANDS, EXCEPT RATIOS)
FOR THE NINE FOR THE SIX MONTHS MONTHS YEAR ENDED LAST FRIDAY IN DECEMBER ENDED ENDED ---------------------------------------------------------- ------------- ----------- SEPTEMBER 24, JULY 1, 1989 1990 1991 1992 1993 1993 1994 ---------- ---------- ---------- ---------- ---------- ------------- ----------- (52 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS) (53 WEEKS) (39 WEEKS) (26 WEEKS) ---------- ---------- ---------- ---------- ---------- ------------- ----------- Pretax earnings (loss).. $ (158,386) $ 282,328 $1,017,418 $1,621,389 $2,424,808 $1,827,528 $1,084,870 Deduct equity in undis- tributed net earnings of unconsolidated sub- sidiaries.............. (23,292) (9,429) (10,677) (12,913) (13,029) (12,136) (12,448) ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total pretax earnings (loss)................. (181,678) 272,899 1,006,741 1,608,476 2,411,779 1,815,392 1,072,422 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Add: Combined fixed charges and pre- ferred stock divi- dend requirements Interest.............. 5,351,027 5,343,107 5,073,824 4,822,711 6,008,511 4,246,643 3,974,827 Interest factor in rents.............. 124,104 135,038 141,438 141,546 141,654 104,975 65,806 Amortization of debt expense............ 5,785 3,890 4,366 4,232 3,921 3,066 1,568 Capitalized interest.. 5,886 555 929 -- -- -- -- Preferred stock dividend requirements of majority-owned subsidiaries (tax equivalent basis)..... -- -- -- 6,443 7,149 5,396 3,366 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges..... 5,486,802 5,482,590 5,220,557 4,974,932 6,161,235 4,360,080 4,045,567 Preferred stock dividend requirements (tax equivalent basis)...... 35,057 35,182 25,914 10,799 9,358 6,885 5,000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total combined fixed charges and preferred stock dividend require- ments.................. 5,521,859 5,517,772 5,246,471 4,985,731 6,170,593 4,366,965 4,050,567 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Pretax earnings before combined fixed charges and preferred stock dividend requirements (excluding capitalized interest).............. $5,334,295 $5,790,116 $6,252,283 $6,594,207 $8,582,372 $6,182,357 $5,122,989 ========== ========== ========== ========== ========== ========== ========== Ratio of earnings to combined fixed charges and preferred stock dividend requirements.. (A) 1.1 1.2 1.3 1.4 1.4 1.3 ========== ========== ========== ========== ========== ========== ==========
- ------- (A) In 1989, pretax earnings before combined fixed charges and preferred stock dividend requirements were inadequate to cover combined fixed charges and preferred stock dividend requirements by $187,564.