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)
For the Three Months For the Six Months
Ended Ended
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June 25, June 26,(a) June 25, June 26,(a)
1999 1998 1999 1998
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Pre-tax earnings from continuing operations $1,031 $ 915 $2,027 $ 1,783
Add: Fixed charges (excluding
capitalized interest and preferred security
dividend requirements of subsidiaries) 3,243 4,513 6,595 8,857
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Pre-tax earnings before fixed charges 4,274 5,428 8,622 10,640
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Fixed charges:
Interest 3,183 4,459 6,475 8,754
Other(b) 110 81 220 154
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Total fixed charges $3,293 $4,540 $6,695 $8,908
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Preferred stock dividend requirements 14 15 28 31
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Total combined fixed charges
and preferred stock dividends $3,307 $4,555 $6,723 $8,938
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RATIO OF EARNINGS TO FIXED CHARGES 1.30 1.20 1.29 1.19
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 1.29 1.19 1.28 1.19
(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.
(b) Other fixed charges consist of the interest factor in rentals, amortization
of debt issuance costs, preferred security dividend requirements of
subsidiaries, and capitalized interest.