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
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Sept. 29, Sept. 30, Sept, 29, Sept. 30,
1995 1994 1995 1994
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PRIMARY:
Net earnings....................................................... $300,356 $231,579 $810,427 $855,147
Preferred stock dividends.......................................... (11,771) (1,718) (35,625) (4,594)
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Net earnings applicable to common stockholders..................... $288,585 $229,861 $774,802 $850,553
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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
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Total shares....................................................... 196,395 209,030 196,280 213,935
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Per common share amounts:
Net earnings....................................................... $ 1.47 $ 1.10 $ 3.95 $ 3.98
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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
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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
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Total shares....................................................... 197,157 209,030 198,755 214,050
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Per common share amounts:
Net earnings...................................................... $ 1.46 $ 1.10 $ 3.90 $ 3.97
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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.