Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 7, 2007

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
 		  For the
 		   
    Three Months
 		  Nine Months
 		                   
    Ended   Ended   Year Ended Last Friday in December
    Sep. 28,
 		  Sep. 28,
 		  2006   2005   2004   2003   2002
    2007   2007   (52 weeks)   (52 weeks)   (53 weeks)   (52 weeks)   (52 weeks)
 
Pre-tax earnings (loss)(a)
  $ (3,740 )   $ 1,749     $ 9,772     $ 6,666     $ 5,346     $ 4,962     $ 2,255  
Add: Fixed charges (excluding
capitalized interest and preferred
security dividend requirements of
subsidiaries)
    13,427       39,138       35,971       21,853       10,605       8,056       10,012  
                                                         
Pre-tax earnings before fixed charges
    9,687       40,887       45,743       28,519       15,951       13,018       12,267  
                                                         
Fixed charges:
                                                       
Interest
    13,357       38,946       35,750       21,637       10,401       7,863       9,806  
Other(b)
    70       192       221       216       204       193       207  
                                                         
Total fixed charges
    13,427       39,138       35,971       21,853       10,605       8,056       10,013  
                                                         
Preferred stock dividend requirements
    111       257       260       100       55       52       52  
                                                         
Total combined fixed charges and
preferred stock dividends
  $ 13,538     $ 39,395     $ 36,231     $ 21,953     $ 10,660     $ 8,108     $ 10,065  
                                                         
Ratio of earnings to fixed charges
    *       1.04       1.27       1.31       1.50       1.62       1.23  
Ratio of earnings to combined fixed
charges and preferred stock dividends
    *       1.04       1.26       1.30       1.50       1.61       1.22  
 
 
 
(a) Excludes undistributed earnings (loss) from equity investments and earnings from discontinued operations.
(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.
 *  The earnings for the three months ended September 28, 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies were $3,740 for total fixed charges and $3,851 for total fixed charges and preferred stock dividends.


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