<TABLE>
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12
(In thousands, except for ratio)
<CAPTION>
(Unaudited) (Unaudited)
Six-Months Six-Months Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended Ended Ended Ended
May 26,2000 May 28,1999 June 30, 1999 June 30, 1998 June 30, 1997 June 30, 1996 June 30, 1995
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<S> <C> <C> <C> <C> <C> <C> <C>
Earnings before taxes
on income $ 619,622 $ 692,514 $ 1,064,108 $ 1,063,492 $ 1,013,690 $ 834,926 $ 388,082
---------- ----------- ----------- ------------ ------------- ------------- -------------
Add: Fixed Charges
Interest 2,364,345 1,569,843 3,379,914 3,638,513 2,551,364 1,981,171 1,678,515
Interest factor
in rents 15,900 15,954 31,363 30,130 26,516 25,672 24,594
----------- ----------- ----------- ------------ ------------- ------------- -------------
Total fixed charges 2,380,245 1,585,797 3,411,277 3,668,643 2,577,880 2,006,843 1,703,109
----------- ----------- ----------- ------------ ------------- ------------- -------------
Earnings before fixed
charges and taxes
on income $ 2,999,867 $ 2,278,311 $ 4,475,385 $ 4,732,135 $ 3,591,570 $ 2,841,769 $ 2,091,191
=========== =========== =========== ============ ============= ============= =============
Ratio of earnings to
fixed charges 1.3 1.4 1.3 1.3 1.4 1.4 1.2
=========== =========== =========== ============ ============= ============= =============
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