<TABLE>
EXHIBIT 11
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
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<CAPTION>
Three-Months Ended Nine-Months Ended
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August 25, August 27, August 25, August 27,
2000 1999 2000 1999
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(In thousands, except share data)
<S> <C> <C> <C> <C>
Weighted average common and common
equivalent shares outstanding: (1)
Average Common Stock outstanding 107,667 126,425 111,818 129,311
Average Common Stock equivalents:
Common Stock issuable
under employee benefit plans 502 486 502 490
Common Stock issuable
assuming conversion of CAP Units 40,647 38,455 40,647 34,996
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Total weighted average common and
common equivalent shares outstanding 148,816 165,366 152,967 164,797
Effect of dilutive instruments:
Employee stock options 418 - 199 -
Restricted stock purchases 8 - 3 -
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Total weighted average diluted common and
common equivalent shares outstanding 149,242 165,366 153,169 164,797
================ =============== =============== ==============
Net income $ 181,436 $ 192,285 $ 577,994 $ 621,051
Preferred Stock dividend requirements (9,778) (9,778) (29,335) (29,335)
Income adjustment (net of tax) applicable
to deferred compensation arrangements 25,909 14,854 63,270 71,446
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Adjusted net income $ 197,567 $ 197,361 $ 611,929 $ 663,162
================ =============== =============== ==============
Basic earnings per share (1) $ 1.33 $ 1.19 $ 4.00 $ 4.02
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Diluted earnings per share (1) $ 1.32 $ 1.19 $ 4.00 $ 4.02
================ =============== =============== ==============
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(1) Reflects all stock dividends declared through October 29, 1999.
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