EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ Computation of Ratio of Earnings to Fixed Charges (Dollars in Thousands)
Year Ended Last Friday in December ------------------------------------------------------------------- 1994 1993 1992 1991 1990 ----------- ---------- ---------- ---------- ---------- (52 Weeks) (53 weeks) (52 weeks) (52 weeks) (52 weeks) Pretax earnings from continuing operations $ 1,729,604 $2,424,808 $1,621,389 $1,017,418 $ 282,328 Deduct equity in undistributed net earnings of unconsolidated subsidiaries (18,817) (13,029) (12,913) (10,677) (9,429) ----------- ---------- ---------- ---------- ---------- Total pretax earnings from continuing operations 1,710,787 2,411,779 1,608,476 1,006,741 272,899 ----------- ---------- ---------- ---------- ---------- Add: Fixed charges: Interest 8,585,832 6,008,511 4,822,711 5,073,824 5,343,107 Amortization of debt expense 2,738 3,921 4,232 4,366 3,890 Capitalized interest - - - 929 555 ----------- ---------- ---------- ---------- ---------- Total interest 8,588,570 6,012,432 4,826,943 5,079,119 5,347,552 Interest factor in rents 128,744 141,654 141,546 141,438 135,038 ----------- ---------- ---------- ---------- ---------- Total fixed charges 8,717,314 6,154,086 4,968,489 5,220,557 5,482,590 ----------- ---------- ---------- ---------- ---------- Pretax earnings before fixed charges (excluding capitalized interest) $10,428,101 $8,565,865 $6,576,965 $6,226,369 $5,754,934 =========== ========== ========== ========== ========== Ratio of earnings to fixed charges 1.20 1.39 1.32 1.19 1.05 =========== ========== ========== ========== ==========