Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 25, 2008

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  
    2007     2006     2005     2004     2003  
    (52 weeks)     (52 weeks)     (52 weeks)     (53 weeks)     (52 weeks)  
Pre-tax earnings (loss)(a)
   $ (13,723 )   $ 9,313     $ 6,335     $ 5,106     $ 4,894  
Add: Fixed charges (excluding capitalized interest and preferred security dividend requirements of subsidiaries)
     51,683       35,719       21,764       10,591       8,016  
 
                              
Pre-tax earnings before fixed charges
     37,960       45,032       28,099       15,697       12,910  
 
                              
Fixed charges:
                                        
Interest
     51,425       35,499       21,549       10,387       7,823  
Other(b)
     258       220       215       204       193  
 
                              
Total fixed charges
     51,683       35,719       21,764       10,591       8,016  
 
                              
Preferred stock dividend requirements
     401       259       99       54       52  
 
                              
Total combined fixed charges and preferred stock dividends
   $ 52,084     $ 35,978     $ 21,863     $ 10,645     $ 8,068  
 
                              
Ratio of earnings to fixed charges
     *       1.26       1.29       1.48       1.61  
Ratio of earnings to combined fixed charges and preferred stock dividends
     *       1.25       1.29       1.47       1.60  
 
(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.
 
*   The earnings for 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies were $13,723 for total fixed charges and $14,124 for total fixed charges and preferred stock dividends.