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 Six Months
Ended Ended
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June 26, June 27, June 26, June 27,
1998 1997 1998 1997
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EARNINGS
Net earnings $ 545 $ 481 $1,063 $ 947
Preferred stock dividends (10) (9) (19) (20)
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Net earnings applicable to
common stockholders $ 535 $ 472 $1,044 $ 927
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WEIGHTED-AVERAGE SHARES OUTSTANDING 346.3 329.9 343.4 330.5
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EFFECT OF DILUTIVE INSTRUMENTS
Employee stock options 33.3 25.5 31.1 28.2
FCCAAP shares 17.1 19.0 17.0 20.6
Restricted units 5.3 4.5 4.9 4.9
ESPP shares - - .1 .1
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DILUTIVE POTENTIAL COMMON SHARES 55.7 49.0 53.1 53.8
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TOTAL WEIGHTED-AVERAGE DILUTED SHARES 402.0 378.9 396.5 384.3
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BASIC EARNINGS PER SHARE $1.55 $1.43 $3.04 $2.80
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DILUTED EARNINGS PER SHARE $1.33 $1.25 $2.63 $2.41
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Basic and diluted earnings per share are based on actual numbers before
rounding.