EXHIBIT 11 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. 29, Sept. 30, Sept, 29, Sept. 30, 1995 1994 1995 1994 --------- ---------- -------- -------- PRIMARY: Net earnings....................................................... $300,356 $231,579 $810,427 $855,147 Preferred stock dividends.......................................... (11,771) (1,718) (35,625) (4,594) -------- -------- -------- -------- Net earnings applicable to common stockholders..................... $288,585 $229,861 $774,802 $850,553 ======== ======== ======== ======== Weighted average shares outstanding: Common Stock..................................................... 175,620 194,062 177,218 198,353 Assuming issuance of shares relating to employee incentive plans....................................... 20,775 14,968 19,062 15,582 -------- ------- -------- ------- Total shares....................................................... 196,395 209,030 196,280 213,935 ======== ======== ======== ======= Per common share amounts: Net earnings....................................................... $ 1.47 $ 1.10 $ 3.95 $ 3.98 ======== ======== ======== ======== FULLY DILUTED: Net earnings....................................................... $300,356 $231,579 $810,427 $855,147 Preferred stock dividends.......................................... (11,771) (1,718) (35,625) (4,594) -------- -------- -------- -------- Net earnings applicable to common stockholders..................... $288,585 $229,861 $774,802 $850,553 ======== ======== ======== ======== Weighted average shares outstanding: Common stock..................................................... 175,620 194,062 177,218 198,353 Assuming issuance of shares relating to employee incentive plans....................................... 21,537 14,968 21,537 15,697 -------- -------- -------- -------- Total shares....................................................... 197,157 209,030 198,755 214,050 ======== ======== ======== ======== Per common share amounts: Net earnings...................................................... $ 1.46 $ 1.10 $ 3.90 $ 3.97 ======== ======== ======== ========
METHOD OF COMPUTATION: In accordance with Accounting Principles Board Opinion No. 15, the modified treasury stock method was used to calculate per common share earnings.