Exhibit 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(In Millions, Except Per Share Amounts)
Three Months Ended Six Months Ended
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June 27, June 28, June 27, June 28,
1997 1996 1997 1996
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EARNINGS
Net earnings.................................... $ 481 $ 433 $ 947 $ 843
Preferred stock dividends....................... (9) (11) (20) (23)
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Net earnings applicable to common stockholders.. $ 472 $ 422 $ 927 $ 820
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PRIMARY WEIGHTED AVERAGE SHARES
Common stock.................................... 329.9 341.3 330.5 343.4
Assuming issuance of shares relating to
employee incentive plans...................... 49.5 44.6 53.7 45.3
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Total shares.................................... 379.4 385.9 384.2 388.7
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PRIMARY EARNINGS PER SHARE...................... $1.24 $1.09 $2.41 $2.11
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FULLY DILUTED WEIGHTED AVERAGE SHARES
Common stock.................................... 329.9 341.3 330.5 343.4
Assuming issuance of shares relating to
employee incentive plans...................... 54.5 44.6 56.3 45.8
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Total shares.................................... 384.4 385.9 386.8 389.2
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FULLY DILUTED EARNINGS PER SHARE................ $1.23 $1.09 $2.40 $2.11
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NOTE: 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, paid
on May 30, 1997.