EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
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Computation of Earnings Per Common Share
(In Thousands, Except Per Share Amounts)
Year Ended Last Friday in December
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1994 (A) 1993 (A) 1992 (A) 1991 1990
---------- ---------- ---------- ---------- ----------
(52 Weeks) (53 Weeks) (52 Weeks) (52 Weeks) (52 Weeks)
Primary:
Earnings before cumulative
effect of changes in accounting
principles $1,016,761 $1,394,359 $952,405 $696,117 $191,856
Cumulative effect of changes in
accounting principles - (35,420) (58,580) - -
---------- ---------- -------- -------- --------
Net earnings 1,016,761 1,358,939 893,825 696,117 191,856
Preferred stock dividends (12,711) (5,381) (6,339) (17,725) (23,924)
---------- ---------- -------- -------- --------
Net earnings applicable to
common stockholders $1,004,050 $1,353,558 $887,486 $678,392 $167,932
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Weighted average shares outstanding:
Common stock 195,661 209,276 207,730 204,754 205,220
Assuming issuance of shares relating
to employee incentive plans 15,580 17,055 18,672 20,596 5,832
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Total shares 211,241 226,331 226,402 225,350 211,052
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Per common share amounts:
Earnings before cumulative
effect of changes in accounting
principles $ 4.75 $ 6.14 $ 4.18 $ 3.01 $ .80
Cumulative effect of changes in
accounting principles - (.16) (.26) - -
---------- ---------- -------- -------- --------
Net earnings $ 4.75 $ 5.98 $ 3.92 $ 3.01 $ .80
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Fully diluted:
Earnings before cumulative
effect of changes in accounting
principles $1,016,761 $1,394,359 $952,405 $696,117 $191,856
Cumulative effect of changes in
accounting principles - (35,420) (58,580) - -
---------- ---------- -------- -------- --------
Net earnings 1,016,761 1,358,939 893,825 696,117 191,856
Preferred stock dividends (12,711) (5,381) (6,339) (17,725) (23,924)
---------- ---------- -------- -------- --------
Net earnings applicable to common
stockholders $1,004,050 $1,353,558 $887,486 $678,392 $167,932
========== ========== ======== ======== ========
Weighted average shares outstanding:
Common stock 195,661 209,276 207,730 204,754 205,220
Assuming issuance of shares relating
to employee incentive plans 16,034 18,204 19,124 25,162 5,832
---------- ---------- -------- -------- --------
Total shares 211,695 227,480 $226,854 229,916 211,052
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Per common share amounts:
Earnings before cumulative
effect of changes in accounting
principles $ 4.74 $ 6.11 $ 4.17 $ 2.95 $ .80
Cumulative effect of changes in
accounting principles - (.16) (.26) - -
--------- --------- -------- -------- --------
Net earnings $ 4.74 $ 5.95 $ 3.91 $ 2.95 $ .80
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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 in
1994, 1993, and 1992.