Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 28, 2006

Documents

 

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  
    2005     2004 (a)     2003 (a)     2002 (a)     2001 (a)  
    (52 weeks)     (53 weeks)     (52 weeks)     (52 weeks)     (52 weeks)  
Pre-tax earnings (loss) (b)
  $ 6,814     $ 5,436     $ 5,040     $ 2,343     $ (228 )
 
                                        
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     21,967       10,734       8,195       10,164       17,690  
 
                              
Pre-tax earnings before fixed charges
     28,781       16,170       13,235       12,507       17,462  
 
                              
 
                                        
Fixed charges:
                                        
Interest
     21,752       10,530       8,003       9,958       17,437  
Other (c)
    215       204       193       206       260  
 
                              
Total fixed charges
     21,967       10,734       8,196       10,164       17,697  
 
                              
 
                                        
Preferred stock dividend requirements
     100       54       52       51       54  
 
                              
Total combined fixed charges and preferred stock dividends
   $ 22,067     $ 10,788     $ 8,248     $ 10,215     $ 17,751  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.31       1.51       1.61       1.23       0.99 (d)
 
                                        
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.30       1.50       1.60       1.22       0.98 (d)

(a)   Certain prior period amounts have been reclassified to conform to the current period presentation.
(b)   Excludes undistributed earnings (loss) from equity investments.
(c)   Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest.
(d)   Earnings were insufficient to cover fixed charges and combined fixed charges and preferred dividend requirements by $235 million and $289 million, respectively.