Exhibit 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(In Millions, Except Per Share Amounts)
FOR THE THREE MONTHS
ENDED
------------------------
YEAR ENDED LAST FRIDAY IN DECEMBER
----------------------------------------------------------------- MARCH 29, MARCH 28,
1992 1993 1994 1995 1996 1996 1997
------------- ----------- ----------- ----------- ----------- ----------- -----------
(52 WEEKS) (53 WEEKS) (52 WEEKS) (52 WEEKS) (52 WEEKS)
EARNINGS
Earnings before cumulative effect of
changes in accounting principles.... $ 952 $ 1,394 $ 1,017 $ 1,114 $ 1,619 $ 410 $ 465
Cumulative effect of changes in
accounting principles............... (58) (35) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... 894 1,359 1,017 1,114 1,619 410 465
Preferred stock dividends............. (7) (5) (13) (48) (47) (12) (10)
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings applicable to common
stockholders........................ $ 887 $ 1,354 $ 1,004 $ 1,066 $ 1,572 $ 398 $ 455
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
PRIMARY WEIGHTED AVERAGE SHARES
Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2
Assuming issuance of shares relating
to employee incentive plans......... 37.3 34.1 31.2 38.9 45.9 46.9 57.9
--------- ---------- ---------- ---------- ---------- --------- ---------
Total shares.......................... 452.8 452.7 422.5 392.0 383.7 392.5 389.1
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
PRIMARY EARNINGS PER SHARE
Earnings before cumulative effect of
changes in accounting principles.... $ 2.09 $ 3.07 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17
Cumulative effect of changes in
accounting principles............... (.13) (.08) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... $ 1.96 $ 2.99 $ 2.38 $ 2.72 $ 4.10 $ 1.01 $ 1.17
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
FULLY DILUTED WEIGHTED AVERAGE SHARES
Common stock.......................... 415.5 418.6 391.3 353.1 337.8 345.6 331.2
Assuming issuance of shares relating
to employee incentive plans......... 38.2 36.4 32.1 40.2 52.6 46.9 57.9
--------- ---------- ---------- ---------- ---------- --------- ---------
Total shares.......................... 453.7 455.0 423.4 393.3 390.4 392.5 389.1
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
FULLY DILUTED EARNINGS PER SHARE
Earnings before cumulative effect of
changes in accounting principles.... $ 2.09 $ 3.06 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17
Cumulative effect of changes in
accounting principles............... (.13) (.08) -- -- -- -- --
--------- ---------- ---------- ---------- ---------- --------- ---------
Net earnings.......................... $ 1.96 $ 2.98 $ 2.37 $ 2.71 $ 4.03 $ 1.01 $ 1.17
--------- ---------- ---------- ---------- ---------- --------- ---------
--------- ---------- ---------- ---------- ---------- --------- ---------
Notes: All share and per share amounts have been restated for the two-for-one
common stock split, effected in the form of a 100% stock dividend,
declared by the Board of Directors on April 15, 1997 and paid on
May 30, 1997.
Primary and fully diluted earnings per share are based on actual numbers
before rounding.
5