<TABLE>
EXHIBIT 12
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)
<CAPTION>
(Unaudited) (Unaudited)
Nine-Months Nine-Months Five-Months Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended Ended Ended
August 25, 2000 August 27, 1999 November 26, 1999 June 30, 1999 June 30, 1998 June 30, 1997
----------------- ----------------- ----------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Earnings before taxes
on income $ 889,205 $ 998,076 $ 453,592 $ 1,064,108 $ 1,063,492 $ 1,013,690
----------------- ----------------- -------------- -------------- ------------- -------------
Add: Fixed Charges
Interest 3,508,872 2,416,272 1,531,787 3,379,914 3,638,513 2,551,364
Interest factor
in rents 23,846 23,462 12,783 31,363 30,130 26,516
----------------- ----------------- -------------- -------------- ------------- -------------
Total fixed charges 3,532,718 2,439,734 1,544,570 3,411,277 3,668,643 2,577,880
----------------- ----------------- -------------- -------------- ------------- -------------
Earnings before fixed
charges and taxes on
income $ 4,421,923 $ 3,437,810 $ 1,998,162 $ 4,475,385 $ 4,732,135 $ 3,591,570
================= ================= ============== ============== ============= =============
Ratio of earnings to
fixed charges 1.3 1.4 1.3 1.3 1.3 1.4
================= ================= ============== ============== ============= =============
</TABLE>
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)
(Continued)
Fiscal Year Fiscal Year
Ended Ended
June 30, 1996 June 30, 1995
------------- -------------
Earnings before taxes
on income $ 834,926 $ 388,082
------------- -------------
Add: Fixed Charges
Interest 1,981,171 1,678,515
Interest factor
in rents 25,672 24,594
------------- -------------
Total fixed charges 2,006,843 1,703,109
------------- -------------
Earnings before fixed
charges and taxes on
income $ 2,841,769 $ 2,091,191
============= =============
Ratio of earnings to
fixed charges 1.4 1.2
============= =============
40
