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 FOR THE NINE MONTHS ENDED
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SEPT. 24, SEPT. 25, SEPT. 24, SEPT. 25,
1999 1998 1999 1998
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EARNINGS
Net earnings $ 572 $ (163) $1,854 $ 900
Preferred stock dividends (10) (10) (29) (29)
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Net earnings applicable to
common stockholders $ 562 $ (173) $1,825 $ 871
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WEIGHTED-AVERAGE SHARES OUTSTANDING 370.3 357.6 367.6 354.1
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Effect of Dilutive Instruments:
Employee stock options 27.1 29.6 29.3 30.9
FCCAAP shares 16.2 16.2 16.4 16.7
Restricted units 5.4 5.1 5.3 4.9
ESPP shares 0.1 - 0.1 0.1
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DILUTIVE POTENTIAL COMMON SHARES 48.8 50.9 51.1 52.6
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TOTAL WEIGHTED-AVERAGE DILUTED SHARES 419.1 408.5 (1) 418.7 406.7
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BASIC EARNINGS PER SHARE $1.52 $(0.48) $ 4.97 $2.46
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DILUTED EARNINGS PER SHARE $1.34 $(0.48)(1) $ 4.36 $2.14
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(1) Since accounting principles require that a net loss not be diluted by
potential comman shares, diluted loss per share for the 1998 third quarter is
calculated using weighted-average shares outstanding only.
Basic and diluted earnings per share are based on actual numbers before
rounding.