EX-12: STATEMENT RE COMPUTATION OF RATIOS
Published on November 3, 2006
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)
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in millions)
For the Three |
For the Nine |
|||||||||||||||||||||||||||
Months Ended | Months Ended | Year Ended Last Friday in December | ||||||||||||||||||||||||||
September 29, |
September 29, |
2005(a) | 2004(a) | 2003(a) | 2002(a) | 2001(a) | ||||||||||||||||||||||
2006 | 2006 | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||||||||
Pre-tax earnings
(loss)(b)
|
$ | 4,013 | $ | 6,766 | $ | 6,814 | $ | 5,436 | $ | 5,040 | $ | 2,343 | $ | (228 | ) | |||||||||||||
Add: Fixed charges (excluding
capitalized interest and preferred security dividend
requirements of subsidiaries)
|
9,490 | 25,707 | 21,967 | 10,734 | 8,195 | 10,164 | 17,690 | |||||||||||||||||||||
Pre-tax earnings before fixed
charges
|
13,503 | 32,473 | 28,781 | 16,170 | 13,235 | 12,507 | 17,462 | |||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||||||||||
Interest
|
9,434 | 25,540 | 21,752 | 10,530 | 8,003 | 9,958 | 17,437 | |||||||||||||||||||||
Other(c)
|
56 | 167 | 215 | 204 | 193 | 206 | 260 | |||||||||||||||||||||
Total fixed charges
|
9,490 | 25,707 | 21,967 | 10,734 | 8,196 | 10,164 | 17,697 | |||||||||||||||||||||
Preferred stock dividend
requirements
|
67 | 189 | 100 | 54 | 52 | 51 | 54 | |||||||||||||||||||||
Total combined fixed charges and
preferred stock dividends
|
$ | 9,557 | $ | 25,896 | $ | 22,067 | $ | 10,788 | $ | 8,248 | $ | 10,215 | $ | 17,751 | ||||||||||||||
Ratio of earnings to fixed
charges
|
1.42 | 1.26 | 1.31 | 1.51 | 1.61 | 1.23 | 0.99 | (d) | ||||||||||||||||||||
Ratio of earnings to combined
fixed charges and preferred stock dividends
|
1.41 | 1.25 | 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. |
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