EXHIBIT 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF PER COMMON SHARE EARNINGS
(In Millions, Except Per Share Amounts)
For the Three Months For the Six Months
Ended Ended
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June 28, June 30, June 28, June 30,
1996 1995 1996 1995
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EARNINGS
Net earnings . . . . . . . . . . . . . . . . . . $ 433 $ 283 $ 843 $ 510
Preferred stock dividends . . . . . . . . . . . . (11) (12) (23) (24)
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Net earnings applicable to common stockholders . $ 422 $ 271 $ 820 $ 486
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PRIMARY WEIGHTED AVERAGE SHARES
Common stock . . . . . . . . . . . . . . . . . . 170.6 175.7 171.7 178.0
Assuming issuance of shares relating to
employee incentive plans . . . . . . . . . . . . 22.3 17.6 22.6 18.2
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Total shares . . . . . . . . . . . . . . . . . . 192.9 193.3 194.3 196.2
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Primary Earnings Per Share . . . . . . . . . . . $2.19 $1.40 $4.22 $2.48
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FULLY DILUTED WEIGHTED AVERAGE SHARES
Common stock . . . . . . . . . . . . . . . . . . 170.6 175.7 171.7 178.0
Assuming issuance of shares relating to
employee incentive plans . . . . . . . . . . . 22.3 19.5 22.9 19.5
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Total shares . . . . . . . . . . . . . . . . . . 192.9 195.2 194.6 197.5
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FULLY DILUTED EARNINGS PER SHARE . . . . . . . . $2.19 $1.39 $4.21 $2.46
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