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)
Three Months Ended Nine Months Ended ------------------- ------------------- Sept. 26, Sept. 27, Sept. 26, Sept. 27, 1997 1996 1997 1996 -------- -------- -------- -------- Pretax earnings from continuing operations $ 771 $ 522 $ 2,322 $ 1,891 Add: Fixed charges (excluding capitalized interest) 4,209 3,144 11,980 8,786 ------ ------ ------- ------- Pretax earnings before fixed charges $4,980 $3,666 $14,302 $10,677 ====== ====== ======= ======= Fixed charges: Interest $4,147 $3,104 $11,793 $ 8,669 Other(A) 63 40 188 117 ------ ------ ------- ------- Total fixed charges 4,210 3,144 11,981 8,786 Preferred stock dividend requirements 14 18 47 56 ------ ------ ------- ------- Total combined fixed charges and preferred stock dividends $4,224 $3,162 $12,028 $ 8,842 ====== ====== ======= ======= Ratio of earnings to fixed charges 1.18 1.17 1.19 1.22 Ratio of earnings to combined fixed charges and preferred stock dividends 1.18 1.16 1.19 1.21
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, preferred stock dividend requirements of majority-owned subsidiaries, and capitalized interest.