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 For the Six Months Ended -------------------------- ------------------------ June 25, June 26, June 25, June 26,(a) 1999 1998 1999 1998 --------- ---------- ---------- ------------ EARNINGS Net earnings $ 673 $ 549 $ 1,282 $ 1,063 Preferred stock dividends (9) (9) (19) (19) ------ ------ ------- ------- Net earnings applicable to common stockholders $ 664 $ 540 $ 1,263 $ 1,044 ====== ====== ======= ======= WEIGHTED-AVERAGE SHARES OUTSTANDING 368.3 355.3 366.2 352.4 ------ ------ ------- ------- EFFECT OF DILUTIVE INSTRUMENTS Employee stock options 31.0 33.7 30.4 31.5 FCCAAP shares 16.7 17.1 16.6 16.9 Restricted units 5.3 5.3 5.2 4.9 ESPP shares - - .1 .1 ------ ------ ------- ------- DILUTIVE POTENTIAL COMMON SHARES 53.0 56.1 52.3 53.4 ------ ------ ------- ------- TOTAL WEIGHTED-AVERAGE DILUTED SHARES 421.3 411.4 418.5 405.8 ====== ====== ======= ======= BASIC EARNINGS PER SHARE $ 1.80 $ 1.52 $ 3.45 $ 2.96 ====== ====== ======= ======= DILUTED EARNINGS PER SHARE $ 1.57 $ 1.31 $ 3.02 $ 2.57 ====== ====== ======= =======
(a) Amounts have been restated from that originally reported in the 1998 second quarter 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.