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 Nine Months Ended Ended -------------------- --------------------- Sept. 30, Sept. 24, Sept. 30, Sept. 24, 1994 1993 1994 1993 (A) (A) (A) (A)(B) --------- --------- --------- ---------- Primary: Earnings before cumulative ef- fect of change in accounting principle.................... $231,579 $359,687 $855,147 $1,047,120 Cumulative effect of change in accounting principle......... - - - (35,420) -------- -------- -------- ---------- Net earnings................... 231,579 359,687 855,147 1,011,700 Remarketed Preferred stock dividends.................... (1,718) (1,271) (4,594) (3,945) -------- -------- -------- ---------- Net earnings applicable to common stockholders.......... $229,861 $358,416 $850,553 $1,007,755 ======== ======== ======== ========== Weighted average shares out- standing: Common stock................ 194,062 211,438 198,353 209,962 Assuming issuance of shares relating to employee incentive plans........... 14,968 16,942 15,582 16,673 -------- -------- -------- ---------- Total shares................... 209,030 228,380 213,935 226,635 ======== ======== ======== ========== Per common share amounts: Earnings before cumulative effect of change in account- ing principle............... $ 1.10 $ 1.57 $ 3.98 $ 4.61 Cumulative effect of change in accounting principle..... - - - (.16) -------- -------- -------- ---------- Net earnings................... $ 1.10 $ 1.57 $ 3.98 $ 4.45 ======== ======== ======== ========== Fully diluted: Earnings before cumulative ef- fect of change in accounting principle.................... $231,579 $359,687 $855,147 $1,047,120 Cumulative effect of change in accounting principle......... - - - (35,420) -------- -------- -------- ---------- Net earnings................... 231,579 359,687 855,147 1,011,700 Remarketed Preferred stock dividends.................... (1,718) (1,271) (4,594) (3,945) -------- -------- -------- ---------- Net earnings applicable to common stockholders.......... $229,861 $358,416 $850,553 $1,007,755 ======== ======== ======== ========== Weighted average shares out- standing: Common stock................ 194,062 211,438 198,353 209,962 Assuming issuance of shares relating to employee incentive plans........... 14,968 18,181 15,697 18,182 -------- -------- -------- ---------- Total shares................... 209,030 229,619 214,050 228,144 ======== ======== ======== ========== Per common share amounts: Earnings before cumulative effect of change in account- ing principle............... $ 1.10 $ 1.56 $ 3.97 $ 4.58 Cumulative effect of change in accounting principle..... - - - (.16) -------- -------- -------- ---------- Net earnings................... $ 1.10 $ 1.56 $ 3.97 $ 4.42 ======== ======== ======== ==========
(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 for the adoption of Statement of Financial Accounting Standards No. 112.