EXHIBIT 12 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 Nine Months Ended Ended -------------------------- -------------------------- Sept. 29, Sept. 30, Sept. 29, Sept. 30, 1995 1994 1995 1994 ---------- ---------- ----------- ---------- Pretax earnings from continuing operations........... $ 485,477 $ 389,522 $ 1,328,569 $1,474,392 ---------- ---------- ----------- ---------- Deduct equity in undistributed net earnings of unconsolidated subsidiaries..................... - (3,218) - (15,666) ---------- ---------- ----------- ---------- Total pretax earnings from continuing operations......................................... 485,477 386,304 1,328,569 1,458,726 ---------- ---------- ----------- ---------- Add: Fixed charges Interest (A)..................................... 2,746,297 2,223,203 8,559,298 6,198,030 Other (B)........................................ 36,334 33,300 105,302 104,043 ---------- ---------- ----------- ---------- Total fixed charges................................ 2,782,631 2,256,503 8,664,600 6,302,073 ---------- ---------- ----------- ---------- Preferred stock dividend requirements.............. 19,016 2,887 58,402 7,921 ---------- ---------- ----------- ---------- Total combined fixed charges and preferred stock dividends....................... 2,801,647 2,259,390 8,723,002 6,309,994 ---------- ---------- ----------- ---------- Pretax earnings before fixed charges................. $3,268,108 $2,642,807 $ 9,993,169 $7,760,799 ========== ========== =========== ========== Pretax earnings before combined fixed charges and preferred stock dividends.............. $3,287,124 $2,645,694 $10,051,571 $7,768,720 ========== ========== =========== ========== Ratio of earnings to fixed charges................... 1.17 1.17 1.15 1.23 ========== ========== =========== ========== Ratio of earnings to combined fixed charges and preferred stock dividends...................... 1.17 1.17 1.15 1.23 ========== ========== =========== ==========
(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.