EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
FOR THE THREE MONTHS YEAR ENDED LAST FRIDAY IN DECEMBER ENDED ----------------------------------------------------------- ---------------------- APRIL 1, MARCH 31, 1990 1991 1992 1993 1994 1994 1995 ---------- ---------- ---------- ---------- ----------- ---------- ---------- (52 WEEKS) (52 WEEKS) (52 WEEKS) (53 WEEKS) (52 WEEKS) Pretax earnings (loss) from continuing operations............. $ 282,328 $1,017,418 $1,621,389 $2,424,808 $ 1,729,604 $ 652,208 $ 378,792 Deduct equity in undistributed net earnings of unconsolidated subsidiaries........... (9,429) (10,677) (12,913) (13,029) (18,817) (3,048) -- ---------- ---------- ---------- ---------- ----------- ---------- ---------- Total pretax earnings (loss) from continuing operations............. 272,899 1,006,741 1,608,476 2,411,779 1,710,787 649,160 378,792 ---------- ---------- ---------- ---------- ----------- ---------- ---------- Add: Fixed charges: Interest............... 5,343,107 5,073,824 4,822,711 6,008,511 8,585,832 1,899,427 2,781,009 Amortization of debt expense............... 3,890 4,366 4,232 3,921 2,738 797 709 Capitalized interest... 555 929 -- -- -- -- -- ---------- ---------- ---------- ---------- ----------- ---------- ---------- Total interest......... 5,347,552 5,079,119 4,826,943 6,012,432 8,588,570 1,900,224 2,781,718 Interest factor in rents................. 135,038 141,438 141,546 141,654 128,744 33,564 32,355 ---------- ---------- ---------- ---------- ----------- ---------- ---------- Total fixed charges..... 5,482,590 5,220,557 4,968,489 6,154,086 8,717,314 1,933,788 2,814,073 ---------- ---------- ---------- ---------- ----------- ---------- ---------- Pretax earnings before fixed charges (excluding capitalized interest).............. $5,754,934 $6,226,369 $6,576,965 $8,565,865 $10,428,101 $2,582,948 $3,192,865 ========== ========== ========== ========== =========== ========== ========== Ratio of earnings to fixed charges.......... 1.05 1.19 1.32 1.39 1.20 1.34 1.13 ========== ========== ========== ========== =========== ========== ==========