Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 4, 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)
                                   
    For the Three   For the Six
    Months Ended   Months Ended
         
    June 30,   July 1,   June 30,   July 1,
    2006   2005(a)   2006   2005(a)
                 
Pre-tax earnings(b)
  $ 2,238     $ 1,504     $ 2,753     $ 3,096  
Add: Fixed charges (excluding capitalized interest and preferred
security dividend requirements of subsidiaries)
     8,572       5,053       16,218       9,432  
                         
Pre-tax earnings before fixed charges
     10,810       6,557       18,971       12,528  
                         
Fixed charges:
                                
 
Interest
     8,518       5,002       16,107       9,329  
 
Other(c)
    53       51       111       103  
                         
 
Total fixed charges
     8,571       5,053       16,218       9,432  
                         
Preferred stock dividend requirements
     66       23       123       33  
                         
Total combined fixed charges and preferred stock dividends
   $ 8,637     $ 5,076     $ 16,341     $ 9,465  
                         
Ratio of earnings to fixed charges
    1.26       1.30       1.17       1.33  
Ratio of earnings to combined fixed charges and preferred
stock dividends
    1.25       1.29       1.16       1.32  
 
(a) Certain prior period amounts have been reclassified to conform to the current period presentation.
(b) Excludes undistributed earnings from equity investments.
(c) Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs and preferred security dividend requirements of subsidiaries.