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 ---------------------- -------------------- June 26, June 27, June 26, June 27, 1998 1997 1998 1997 -------- -------- -------- -------- EARNINGS Net earnings $ 545 $ 481 $1,063 $ 947 Preferred stock dividends (10) (9) (19) (20) ----- ----- ----- ----- Net earnings applicable to common stockholders $ 535 $ 472 $1,044 $ 927 ===== ===== ===== ===== WEIGHTED-AVERAGE SHARES OUTSTANDING 346.3 329.9 343.4 330.5 ----- ----- ----- ----- 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 ----- ----- ----- ----- DILUTIVE POTENTIAL COMMON SHARES 55.7 49.0 53.1 53.8 ----- ----- ----- ----- TOTAL WEIGHTED-AVERAGE DILUTED SHARES 402.0 378.9 396.5 384.3 ===== ===== ===== ===== BASIC EARNINGS PER SHARE $1.55 $1.43 $3.04 $2.80 ===== ===== ===== ===== DILUTED EARNINGS PER SHARE $1.33 $1.25 $2.63 $2.41 ===== ===== ===== =====
Basic and diluted earnings per share are based on actual numbers before rounding.