EXHIBIT 12 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES ------------------------------------------ COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
FOR THE NINE MONTHS YEAR ENDED LAST FRIDAY IN DECEMBER ENDED ---------------------------------------------------------- ---------------------------- SEPTEMBER 30, SEPTEMBER 29, 1990 1991 1992 1993 1994 1994 1995 ---------- ---------- ---------- ---------- ---------- ------------- ------------- (52 WEEKS) (52 WEEKS) (52 WEEKS) (53 WEEKS) (52 WEEKS) Pretax earnings from continuing operations $ 282,328 $1,017,418 $1,621,389 $2,424,808 $ 1,729,604 $1,474,392 $1,328,569 Deduct equity in undistributed net earnings of unconsolidated subsidiaries (9,429) (10,677) (12,913) (13,029) (18,817) (15,666) -- ---------- ---------- ---------- ---------- ----------- ---------- ----------- Total pretax earnings from continuing operations 272,899 1,006,741 1,608,476 2,411,779 1,710,787 1,458,726 1,328,569 ---------- ---------- ---------- ---------- ----------- ---------- ----------- Add: Fixed charges: Interest 5,343,107 5,073,824 4,822,711 6,008,511 8,585,832 6,198,030 8,559,298 Other(A) 139,483 146,733 145,778 145,575 131,482 104,043 105,302 ---------- ---------- ---------- ---------- ----------- ---------- ----------- Total fixed charges 5,482,590 5,220,557 4,968,489 6,154,086 8,717,314 6,302,073 8,664,600 ---------- ---------- ---------- ---------- ----------- ---------- ----------- Pretax earnings before fixed charges (excluding capitalized interest) $5,754,934 $6,226,369 $6,576,965 $8,565,865 $10,428,101 $7,760,799 $9,993,169 ========== ========== ========== ========== =========== ========== =========== Ratio of earnings to fixed charges 1.05 1.19 1.32 1.39 1.20 1.23 1.15 ========== ========== ========== ========== =========== ========== ===========
- ---------- (A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.