EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (in millions, except per share amounts) Year Ended Last Friday in December ---------------------------------------------------------- 1998 1997 1996 1995 1994 ---------- ---------- ---------- ---------- ---------- Net earnings $ 1,259 $ 1,935 $ 1,648 $ 1,126 $ 1,030 Preferred stock dividends (39) (39) (46) (48) (13) ------- ------- ------- ------- ------- Net earnings applicable to common stockholders 1,220 1,896 1,602 1,078 1,017 Interest on convertible debt - - 1 1 1 ------- ------- ------- ------- ------- 1,220 1,896 1,603 1,079 1,018 ======= ======= ======= ======= ======= Weighted-average shares outstanding (basic shares) 355.6 340.1 346.0 361.2 399.2 ------ ------ ------ ------ ------ Effect of dilutive instruments: Employee stock options 29.2 29.7 21.9 19.9 13.6 FCCAAP shares 16.6 20.6 19.6 18.7 14.0 Restricted units 4.9 5.3 4.7 2.4 2.5 ESPP shares - - .1 .1 .1 Convertible debt - .2 .7 .6 .7 ------ ------ ------ ------ ------ Dilutive potential common shares 50.7 55.8 47.0 41.7 30.9 ------ ------ ------ ------ ------ Diluted shares 406.3 395.9 393.0 402.9 430.1 ====== ====== ====== ====== ====== BASIC EARNINGS PER SHARE $ 3.43 $ 5.57 $ 4.63 $ 2.98 $ 2.55 ====== ====== ====== ====== ====== DILUTED EARNINGS PER SHARE $ 3.00 $ 4.79 $ 4.08 $ 2.68 $ 2.37 ====== ====== ====== ====== ======

Notes: Amounts for 1994-1997 have been restated for Merrill Lynch's 1998 merger with Midland Walwyn Inc., accounted for as a pooling-of-interests. Share and per share amounts for 1994-1996 have also been restated for the 1997 two-for-one common stock split. Basic and diluted earnings per share are based on actual numbers before rounding.