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
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Sept 27, Sept 29, Sept 27, Sept 29,
1996 1995 1996 1995
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EARNINGS
Net earnings ................................. $ 331 $ 300 $ 1,174 $ 810
Preferred stock dividends .................... (12) (11) (35) (35)
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Net earnings applicable to common stockholders $ 319 $ 289 $ 1,139 $ 775
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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
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Total shares ................................. 189.2 196.4 192.6 196.3
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PRIMARY EARNINGS PER SHARE ................... $ 1.69 $ 1.47 $ 5.91 $ 3.95
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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
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Total shares ................................. 190.6 197.2 193.3 198.8
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FULLY DILUTED EARNINGS PER SHARE ............. $ 1.68 $ 1.46 $ 5.89 $ 3.90
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Note: Primary and fully diluted earnings per share are based on actual numbers
before rounding