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 Millions)
Year Ended Last Friday in December ------------------------------------------------------------- 1997 1996 1995 1994 1993 ---------- ---------- ---------- ---------- ---------- (52 Weeks) (52 Weeks) (52 Weeks) (52 Weeks) (53 Weeks) Pretax earnings from continuing operations $ 3,050 $ 2,566 $ 1,811 $ 1,711 $ 2,412 Add: Fixed charges (excluding capitalized interest) 16,292 12,059 11,382 8,724 6,161 ------- ------- ------- ------- ------- Pretax earnings before fixed charges $19,342 $14,625 $13,193 $10,435 $ 8,573 ======= ======= ======= ======= ======= Fixed charges: Interest $16,043 $11,886 $11,238 $ 8,586 $ 6,009 Other(A) 250 173 144 138 152 ------- ------- ------- ------- ------- Total fixed charges 16,293 12,059 11,382 8,724 6,161 Preferred stock dividend requirements 61 73 77 22 9 ------- ------- ------- ------- ------- Total combined fixed charges and preferred stock dividends $16,354 $12,132 $11,459 $ 8,746 $ 6,170 ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 1.19 1.21 1.16 1.20 1.39 Ratio of earnings to combined fixed charges and preferred stock dividends 1.18 1.21 1.15 1.19 1.39
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries. 5