COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Published on April 29, 1998
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)
THREE MONTHS ENDED
---------------------
MARCH 27, MARCH 28,
1998 1997
------ ------
Pretax earnings from
continuing operations $ 874 $ 766
Add: Fixed charge 4,642 3,672
------ ------
Pretax earnings before fixed charges $5,516 $4,438
====== ======
Fixed charges:
Interest $4,559 $3,608
Other(A) 83 64
------ ------
Total fixed charges 4,642 3,672
Preferred stock dividend
requirements 16 17
------ ------
Total combined fixed charges and
preferred stock dividends $4,658 $3,689
====== ======
Ratio of earnings to fixed charges 1.19 1.21
Ratio of earnings to combined
fixed charges and preferred
stock dividends 1.18 1.20
(A) Other fixed charges consist of the interest factor in rentals,
amortization of debt expense, and preferred stock dividend requirements of
majority-owned subsidiaries.
5