EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF PER COMMON SHARE EARNINGS
(in millions, except per share amounts)
FOR THE THREE MONTHS ENDED
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March 26, March 27,(a)
1999 1998
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Net earnings $ 609 $ 514
Preferred stock dividends (10) (10)
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Net earnings applicable to
common stockholders $ 599 $ 504
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Weighted-average shares outstanding (basic shares) 364.0 349.5
Effect of dilutive instruments:
Employee stock options 29.8 29.3
FCCAAP shares 16.6 16.8
Restricted units 5.2 4.5
ESPP shares .1 .1
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Dilutive potential common shares 51.7 50.7
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Total weighted-average diluted shares 415.7 400.2
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BASIC EARNINGS PER SHARE $1.65 $1.44
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DILUTED EARNINGS PER SHARE $1.44 $1.26
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(a) Amounts have been restated from that originally reported on Form 10-Q to
reflect the 1998 merger with Midland Walwyn Inc., accounted for as a
pooling-of-interests.
Basic and diluted earnings per share are based on actual numbers before
rounding.