EXHIBIT 12
Published on May 10, 2013
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 |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||
|
March 31, 2013
(unaudited)
|
December 31, 2012 |
December 31, 2011 |
December 31, 2010 |
December 31, 2009 |
|||||||||||
Pre-tax (loss) earnings (a) |
$ |
(306 |
) |
$ |
(2,574 |
) |
$ |
(5,344 |
) |
$ |
2,812 |
$ |
6,527 |
||
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries) |
1,616 |
7,387 |
9,098 |
9,924 |
12,335 |
||||||||||
Pre-tax earnings (loss) before fixed charges |
$ |
1,310 |
$ |
4,813 |
$ |
3,754 |
$ |
12,736 |
$ |
18,862 |
|||||
Fixed charges: |
|||||||||||||||
Interest |
$ |
1,543 |
$ |
7,098 |
$ |
8,785 |
$ |
9,610 |
$ |
12,035 |
|||||
Other (b) |
73 |
289 |
313 |
314 |
300 |
||||||||||
Total fixed charges |
$ |
1,616 |
$ |
7,387 |
$ |
9,098 |
$ |
9,924 |
$ |
12,335 |
|||||
Preferred stock dividend requirements |
— |
— |
— |
140 |
141 |
||||||||||
Total combined fixed charges and preferred stock dividends |
$ |
1,616 |
$ |
7,387 |
$ |
9,098 |
$ |
10,064 |
$ |
12,476 |
|||||
Ratio of earnings to fixed charges |
* |
* |
* |
1.28 |
1.53 |
||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends |
* |
* |
* |
1.27 |
1.51 |
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(a) Excludes undistributed earnings (loss) from equity investments.
(b) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred
security dividend requirements of subsidiaries.
*The earnings for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends.
The coverage deficiencies for total fixed charges for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were $306 million, $2,574 million and $5,344 million, respectively.
The coverage deficiencies for total fixed charges and preferred stock dividends for the three months ended March 31, 2013 and for the years ended December 31, 2012 and 2011 were $306 million, $2,574 million and $5,344 million, respectively.