Attached files
file | filename |
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10-Q - FORM 10-Q - MERRILL LYNCH & CO., INC. | y79235e10vq.htm |
EX-32.1 - EX-32.1 - MERRILL LYNCH & CO., INC. | y79235exv32w1.htm |
EX-31.2 - EX-31.2 - MERRILL LYNCH & CO., INC. | y79235exv31w2.htm |
EX-31.1 - EX-31.1 - MERRILL LYNCH & CO., INC. | y79235exv31w1.htm |
EX-32.2 - EX-32.2 - MERRILL LYNCH & CO., INC. | y79235exv32w2.htm |
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)
Successor Company | Predecessor Company | |||||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
Year Ended Last Friday in December | ||||||||||||||||||||||||||
September 30, |
September 30, |
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
2009 | 2009 | (52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (53 weeks) | ||||||||||||||||||||||
Pre-tax earnings (loss)(a)
|
$ | 218 | $ | 2,130 | $ | (45,438 | ) | $ | (13,723 | ) | $ | 9,313 | $ | 6,335 | $ | 5,106 | ||||||||||||
Add: Fixed charges (excluding capitalized interest and preferred
security dividend requirements of subsidiaries)
|
2,474 | 9,034 | 29,641 | 51,683 | 35,719 | 21,764 | 10,591 | |||||||||||||||||||||
Pre-tax earnings before fixed charges
|
2,692 | 11,164 | (15,797 | ) | 37,960 | 45,032 | 28,099 | 15,697 | ||||||||||||||||||||
Fixed charges:
|
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Interest
|
2,407 | 8,831 | 29,349 | 51,425 | 35,499 | 21,549 | 10,387 | |||||||||||||||||||||
Other(b)
|
67 | 203 | 292 | 258 | 220 | 215 | 204 | |||||||||||||||||||||
Total fixed charges
|
2,474 | 9,034 | 29,641 | 51,683 | 35,719 | 21,764 | 10,591 | |||||||||||||||||||||
Preferred stock dividend requirements
|
28 | 101 | 4,356 | 401 | 259 | 99 | 54 | |||||||||||||||||||||
Total combined fixed charges and preferred stock dividends
|
$ | 2,502 | $ | 9,135 | $ | 33,997 | $ | 52,084 | $ | 35,978 | $ | 21,863 | $ | 10,645 | ||||||||||||||
Ratio of earnings to fixed charges
|
1.09 | 1.24 | * | * | 1.26 | 1.29 | 1.48 | |||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred
stock dividends
|
1.08 | 1.22 | * | * | 1.25 | 1.29 | 1.47 | |||||||||||||||||||||
(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 and preferred security dividend requirements of subsidiaries. | |
* | The earnings for year-end 2008 and 2007 were inadequate to cover total fixed charges and total fixed charges and preferred stock dividends. The coverage deficiencies for total fixed charges were $45,438 and $13,723, respectively. The coverage deficiencies for total fixed charges and preferred stock dividends were $49,794 and $14,124, respectively. |