<PAGE>
EXHIBIT 12 (B)
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DIVIDENDS
(IN THOUSANDS, EXCEPT FOR RATIO)
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
SIX-MONTHS SIX-MONTHS FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
MAY 26, 2000 MAY 28, 1999 JUNE 30, 1999 JUNE 30, 1998 JUNE 30, 1997 JUNE 30, 1996
------------ ------------ ------------- ------------- ------------- -------------
<S> <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
---------- ---------- ---------- ---------- ---------- ----------
Add: Fixed Charges
Interest..................... 2,364,345 1,569,843 3,379,914 3,638,513 2,551,364 1,981,171
Interest factor in rents..... 15,900 15,954 31,363 30,130 26,516 25,672
---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges.............. 2,380,245 1,585,797 3,411,277 3,668,643 2,577,880 2,006,843
---------- ---------- ---------- ---------- ---------- ----------
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
========== ========== ========== ========== ========== ==========
Preferred stock dividends.......... $ 19,556 $ 19,556 $ 39,430 $ 31,012 $ 23,833 $ 24,493
Ratio of income before provision
for income taxes to net income*.. 156% 162% 158% 161% 165% 170%
---------- ---------- ---------- ---------- ---------- ----------
Preferred dividend factor on pretax
basis............................ 30,556 31,586 62,340 49,939 39,390 41,680
Total fixed charges and preferred
dividends........................ $2,410,801 $1,617,383 $3,473,617 $3,718,582 $2,617,270 $2,048,523
========== ========== ========== ========== ========== ==========
Ratio of earnings to fixed charges
and preferred stock dividends.... 1.2 1.4 1.3 1.3 1.4 1.4
========== ========== ========== ========== ========== ==========
<CAPTION>
FISCAL YEAR
ENDED
JUNE 30, 1995
-------------
<S> <C>
Earnings before taxes on income.... $ 388,082
----------
Add: Fixed Charges
Interest..................... 1,678,515
Interest factor in rents..... 24,594
----------
Total fixed charges.............. 1,703,109
----------
Earnings before fixed charges and
taxes on income.................. $2,091,191
==========
Preferred stock dividends.......... $ 25,137
Ratio of income before provision
for income taxes to net income*.. 161%
----------
Preferred dividend factor on pretax
basis............................ 40,544
Total fixed charges and preferred
dividends........................ $1,743,653
==========
Ratio of earnings to fixed charges
and preferred stock dividends.... 1.2
==========
</TABLE>
* Represents income before provision for income taxes divided by net income,
which adjusts dividends on preferred stock to a pretax basis.
