EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Dollars In Thousands)
For the Three Months For the Six Months Ended Ended ---------------------- ---------------------- June 30, July 1, June 30, July 1, 1995 1994 1995 1994 ---------- ---------- ---------- ---------- Pretax earnings from continuing operations... $ 464,300 $ 432,662 $ 843,092 $1,084,870 Deduct equity in undistributed net earnings of unconsolidated subsidiaries............. - (9,400) - (12,448) ---------- ---------- ---------- ---------- Total pretax earnings from continuing operations................................. 464,300 423,262 843,092 1,072,422 ---------- ---------- ---------- ---------- Add: Fixed Charges Interest (A).............................. 3,031,992 2,075,400 5,813,001 3,974,827 Other (B)................................. 33,636 34,645 68,816 70,740 ---------- ---------- ---------- ---------- Total fixed charges........................ 3,065,628 2,110,045 5,881,817 4,045,567 ---------- ---------- ---------- ---------- Preferred stock dividend requirements...... 19,562 2,644 39,428 5,000 ---------- ---------- ---------- ---------- Total combined fixed charges and preferred stock dividends................. 3,085,190 2,112,689 5,921,245 4,050,567 ---------- ---------- ---------- ---------- Pretax earnings before fixed charges......... $3,529,928 $2,533,307 $6,724,909 $5,117,989 ========== ========== ========== ========== Pretax earnings before combined fixed charges and preferred stock dividends........$3,549,490 $2,535,951 $6,764,337 $5,122,989 ========== ========== ========== ========== Ratio of earnings to fixed charges........... 1.15 1.20 1.14 1.27 ========== ========== ========== ========== Ratio of earnings to combined fixed charges and preferred stock dividends................ 1.15 1.20 1.14 1.26 ========== ========== ========== ==========
(A) There was no capitalized interest for the 1995 and 1994 periods. (B) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority- owned subsidiaries.