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)
For the Three Months For the Six Months Ended Ended ---------------------- -------------------- June 26, June 27, June 26, June 27, 1998 1997 1998 1997 -------- -------- -------- -------- Pretax earnings from continuing operations $ 907 $ 784 $ 1,781 $1,551 Add: Fixed charges 4,756 4,101 9,398 7,772 ------ ------ ------- ------ Pretax earnings before fixed charges $5,663 $4,885 $11,179 $9,323 ====== ====== ======= ====== Fixed charges: Interest $4,664 $4,038 $ 9,223 $7,646 Other(A) 92 63 175 126 ------ ------ ------- ------ Total fixed charges $4,756 $4,101 $ 9,398 $7,772 ====== ====== ======= ====== Preferred stock dividend requirements $ 16 $ 15 $ 31 $ 32 ------ ------ ------- ------ Total combined fixed charges and preferred stock dividends $4,772 $4,116 $ 9,429 $7,804 ====== ====== ======= ====== Ratio of earnings to fixed charges 1.19 1.19 1.19 1.20 Ratio of earnings to combined fixed charges and preferred stock dividends 1.19 1.19 1.19 1.19
(A) Other fixed charges consist of the interest factor in rentals, amortization of debt expense, and preferred stock dividend requirements of majority-owned subsidiaries.