EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF PER COMMON SHARE EARNINGS (In Millions, Except Per Share Amounts)
For the Three Months For the Nine Months Ended Ended --------------------- --------------------- Sept 27, Sept 29, Sept 27, Sept 29, 1996 1995 1996 1995 -------- -------- -------- -------- EARNINGS Net earnings ................................. $ 331 $ 300 $ 1,174 $ 810 Preferred stock dividends .................... (12) (11) (35) (35) ------- ------- -------- ------- Net earnings applicable to common stockholders $ 319 $ 289 $ 1,139 $ 775 ======= ======= ======== ======= PRIMARY WEIGHTED AVERAGE SHARES Common stock ................................. 167.7 175.6 170.4 177.2 Assuming issuance of shares relating to employee incentive plans .................... 21.5 20.8 22.2 19.1 ------- ------- -------- ------- Total shares ................................. 189.2 196.4 192.6 196.3 ======= ======= ======== ======= PRIMARY EARNINGS PER SHARE ................... $ 1.69 $ 1.47 $ 5.91 $ 3.95 ======= ======= ======== ======= Fully Diluted Weighted Average Shares Common stock ................................. 167.7 175.6 170.4 177.2 Assuming issuance of shares relating to employee incentive plans ..................... 22.9 21.6 22.9 21.6 ------- ------- -------- ------- Total shares ................................. 190.6 197.2 193.3 198.8 ======= ======= ======== ======= FULLY DILUTED EARNINGS PER SHARE ............. $ 1.68 $ 1.46 $ 5.89 $ 3.90 ======= ======= ======== =======
Note: Primary and fully diluted earnings per share are based on actual numbers before rounding