EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF PER COMMON SHARE EARNINGS
(in millions, except per share amounts)
FOR THE THREE MONTHS ENDED
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MARCH 31, MARCH 26,
2000 1999
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Earnings
Net earnings $ 1,037 $ 609
Preferred stock dividends (9) (10)
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Net earnings applicable to common stockholders $ 1,028 $ 599
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Weighted-Average Shares Outstanding 381.6 364.0
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Effect of Dilutive Instruments:
Employee stock options 31.0 29.8
FCCAAP shares 14.1 16.6
Restricted units 5.6 5.2
ESPP shares 0.1 0.1
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Dilutive potential common shares 50.8 51.7
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Total Weighted-Average Diluted Shares 432.4 415.7
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Basic Earnings Per Share $ 2.69 $ 1.65
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Diluted Earnings Per Share $ 2.38 $ 1.44
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Basic and diluted earnings per share are based on actual numbers before
rounding.