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 -------------------------- March 26, March 27,(a) 1999 1998 --------- --------- Net earnings $ 609 $ 514 Preferred stock dividends (10) (10) --------- --------- Net earnings applicable to common stockholders $ 599 $ 504 ========= ========= 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 --------- --------- Dilutive potential common shares 51.7 50.7 --------- --------- Total weighted-average diluted shares 415.7 400.2 ========= ========= BASIC EARNINGS PER SHARE $1.65 $1.44 ========= ========= DILUTED EARNINGS PER SHARE $1.44 $1.26 ========= =========
(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.