<PAGE>
EXHIBIT 12(a)
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT FOR RATIO)
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
SIX-MONTHS SIX-MONTHS FISCAL YEAR FISCAL YEAR FISCAL YEAR
ENDED ENDED ENDED ENDED ENDED
MAY 26, 2000 MAY 28, 1999 JUNE 30, 1999 JUNE 30, 1998 JUNE 30, 1997
------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Earnings before taxes on income................ $ 619,622 $ 692,514 $1,064,108 $1,063,492 $1,013,690
---------- ---------- ---------- ---------- ----------
Add: Fixed Charges Interest.................... 2,364,345 1,569,843 3,379,914 3,638,513 2,551,364
Interest factor in rents................... 15,900 15,954 31,363 30,130 26,516
---------- ---------- ---------- ---------- ----------
Total fixed charges.......................... 2,380,245 1,585,797 3,411,277 3,668,643 2,577,880
---------- ---------- ---------- ---------- ----------
Earnings before fixed charges and taxes on
income....................................... $2,999,867 $2,278,311 $4,475,385 $4,732,135 $3,591,570
========== ========== ========== ========== ==========
Ratio of earnings to fixed charges............. 1.3 1.4 1.3 1.3 1.4
========== ========== ========== ========== ==========
<CAPTION>
FISCAL YEAR FISCAL YEAR
ENDED ENDED
JUNE 30, 1996 JUNE 30, 1995
------------- -------------
<S> <C> <C>
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
========== ==========
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