Exhibit 11
MERRILL LYNCH & CO., INC. AND SUBSIDIARIES
COMPUTATION OF PER COMMON SHARE EARNINGS
(in millions, except per share amounts)
For the Three Months Ended For the Six Months Ended
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June 25, June 26, June 25, June 26,(a)
1999 1998 1999 1998
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EARNINGS
Net earnings $ 673 $ 549 $ 1,282 $ 1,063
Preferred stock dividends (9) (9) (19) (19)
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Net earnings applicable to
common stockholders $ 664 $ 540 $ 1,263 $ 1,044
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WEIGHTED-AVERAGE SHARES OUTSTANDING 368.3 355.3 366.2 352.4
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EFFECT OF DILUTIVE INSTRUMENTS
Employee stock options 31.0 33.7 30.4 31.5
FCCAAP shares 16.7 17.1 16.6 16.9
Restricted units 5.3 5.3 5.2 4.9
ESPP shares - - .1 .1
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DILUTIVE POTENTIAL COMMON SHARES 53.0 56.1 52.3 53.4
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TOTAL WEIGHTED-AVERAGE DILUTED SHARES 421.3 411.4 418.5 405.8
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BASIC EARNINGS PER SHARE $ 1.80 $ 1.52 $ 3.45 $ 2.96
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DILUTED EARNINGS PER SHARE $ 1.57 $ 1.31 $ 3.02 $ 2.57
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(a) Amounts have been restated from that originally reported in the 1998 second
quarter Form 10-Q to reflect the 1998 merger with Midland Walwyn Inc.,
accounted for as a pooling-of-interests.
Basic and diluted earnings per share are based on actual numbers before
rounding.