EX-12: STATEMENT RE: COMPUTATION OF RATIOS
Published on August 3, 2007
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 |
For the |
|||||||||||||||||||||||||||
Three Months |
Six Months |
|||||||||||||||||||||||||||
Ended | Ended | Year Ended Last Friday in December | ||||||||||||||||||||||||||
June 29, |
June 29, |
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||||
2007 | 2007 | (52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||||||||
Pre-tax earnings
(loss)(a)
|
$ | 2,734 | $ | 5,579 | $ | 9,929 | $ | 6,814 | $ | 5,436 | $ | 5,040 | $ | 2,343 | ||||||||||||||
Add: Fixed charges (excluding
capitalized interest and preferred security dividend
requirements of subsidiaries)
|
14,104 | 25,763 | 36,080 | 21,967 | 10,734 | 8,195 | 10,164 | |||||||||||||||||||||
Pre-tax earnings before fixed
charges
|
16,838 | 31,342 | 46,009 | 28,781 | 16,170 | 13,235 | 12,507 | |||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||||||||||
Interest
|
14,040 | 25,641 | 35,860 | 21,752 | 10,530 | 8,003 | 9,958 | |||||||||||||||||||||
Other(b)
|
64 | 122 | 221 | 215 | 204 | 193 | 206 | |||||||||||||||||||||
Total fixed charges
|
14,104 | 25,763 | 36,081 | 21,967 | 10,734 | 8,196 | 10,164 | |||||||||||||||||||||
Preferred stock dividend
requirements
|
102 | 177 | 261 | 100 | 54 | 52 | 51 | |||||||||||||||||||||
Total combined fixed charges and
preferred stock dividends
|
$ | 14,206 | $ | 25,940 | $ | 36,342 | $ | 22,067 | $ | 10,788 | $ | 8,248 | $ | 10,215 | ||||||||||||||
Ratio of earnings to fixed
charges
|
1.19 | 1.22 | 1.28 | 1.31 | 1.51 | 1.61 | 1.23 | |||||||||||||||||||||
Ratio of earnings to combined
fixed charges and preferred stock dividends
|
1.19 | 1.21 | 1.27 | 1.30 | 1.50 | 1.60 | 1.22 | |||||||||||||||||||||
(a) | Excludes undistributed earnings (loss) from equity investments. | |
(b) | Other fixed charges consist of the interest factor in rentals, amortization of debt issuance costs, preferred security dividend requirements of subsidiaries, and capitalized interest. |
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