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)
YEAR ENDED LAST FRIDAY IN DECEMBER
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1996 1995 1994 1993 1992
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(52 Weeks) (52 Weeks) (52 Weeks) (53 weeks) (52 weeks)
Pretax earnings from
continuing operations $ 2,566 $ 1,811 $ 1,730 $ 2,425 $ 1,621
Deduct equity in undistributed
net earnings of unconsolidated
subsidiaries - - (19) (13) (13)
------- ------- ------- ------- -------
Total pretax earnings from
continuing operations 2,566 1,811 1,711 2,412 1,608
------- ------- ------- ------- -------
Add:
Fixed charges
Interest 11,886 11,238 8,586 6,009 4,823
Other(A) 173 144 138 152 152
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Total fixed charges 12,059 11,382 8,724 6,161 4,975
Preferred stock dividend
requirements 73 77 22 9 11
------- ------- ------- ------- -------
Total combined fixed charges and
preferred stock dividends 12,132 11,459 8,746 6,170 4,986
------- ------- ------- ------- -------
Pretax earnings before fixed charges $14,625 $13,193 $10,435 $ 8,573 $ 6,583
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Pretax earnings before combined
fixed charges and preferred
stock dividends $14,698 $13,270 $10,457 $ 8,582 $ 6,594
------- ------- ------- ------- -------
------- ------- ------- ------- -------
Ratio of earnings to fixed charges 1.21 1.16 1.20 1.39 1.32
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.21 1.16 1.20 1.39 1.32
A. Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend
requirements of majority-owned subsidiaries.
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