EXHIBIT 11 MERRILL LYNCH & CO., INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (In Millions, Except Per Share Amounts)
Three Months Nine Months Ended Ended --------------------- --------------------- Sept. 26, Sept. 27, Sept. 26, Sept. 27, 1997 1996 1997 1996 --------- --------- --------- --------- EARNINGS Net earnings ................................... $ 493 $ 331 $ 1,440 $ 1,174 Preferred stock dividends ...................... (9) (12) (30) (35) --------- --------- --------- --------- Net earnings applicable to common stockholders . $ 484 $ 319 $ 1,410 $ 1,139 ========= ========= ========= ========= PRIMARY WEIGHTED AVERAGE SHARES Common stock ................................... 330.9 335.5 330.7 340.8 Assuming issuance of shares relating to employee incentive plans ...................... 56.7 42.9 54.7 44.5 --------- --------- --------- --------- Total shares ................................... 387.6 378.4 385.4 385.3 ========= ========= ========= ========= PRIMARY EARNINGS PER SHARE ..................... $ 1.25 $ .84 $ 3.66 $ 2.96 ========= ========= ========= ========= FULLY DILUTED WEIGHTED AVERAGE SHARES Common stock ................................... 330.9 335.5 330.7 340.8 Assuming issuance of shares relating to employee incentive plans ...................... 58.8 45.8 58.8 45.7 --------- --------- --------- --------- Total shares ................................... 389.7 381.3 389.5 386.5 ========= ========= ========= ========= FULLY DILUTED EARNINGS PER SHARE ............... $ 1.24 $ .84 $ 3.62 $ 2.95 ========= ========= ========= =========
Note: Share and per share amounts have been restated for the two-for-one common stock split, effected in the form of a 100% stock dividend, paid on May 30, 1997.