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)
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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Total pretax earnings from continuing
operations . . . . . . . . . . . . . . . . . . $ 698 $ 464 $1,369 $ 843
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Add:
Fixed Charges
Interest . . . . . . . . . . . . . . . . . . 2,808 3,032 5,565 5,813
Other (A) . . . . . . . . . . . . . . . . . . 38 34 77 69
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Total fixed charges . . . . . . . . . . . . . . 2,846 3,066 5,642 5,882
Preferred stock dividend requirements . . . . . 19 19 37 39
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Total combined fixed charges and
preferred stock dividends . . . . . . . . . . 2,865 3,085 5,679 5,921
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Pretax earnings before fixed charges . . . . . . $3,544 $3,530 $7,011 $6,725
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Pretax earnings before combined fixed
charges and preferred stock dividends . . . . . $3,563 $3,549 $7,048 $6,764
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Ratio of earnings to fixed charges . . . . . . . 1.25 1.15 1.24 1.14
Ratio of earnings to combined fixed charges
and preferred stock dividends . . . . . . . . . 1.24 1.15 1.24 1.14
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend requirements
of majority-owned subsidiaries.