EXHIBIT 11
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
Three-Months Ended Six-Months Ended
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May 26, May 28, May 26, May 28,
2000 1999 2000 1999
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(In thousands, except share data)
Weighted average common and common
equivalent shares outstanding: (1) 111,153 122,419 113,748 123,042
Average Common Stock outstanding
Average Common Stock equivalents:
Common Stock issuable
under employee benefits plans 502 477 503 515
Common Stock issuable
assuming conversion of CAP Units 40,792 40,910 40,792 40,910
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Total weighted average common and
common equivalent shares outstanding 152,447 163,806 155,043 164,467
Effect of dilutive instruments:
Employee stock options 177 - 110 -
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Total weighted average diluted common and
common equivalent shares outstanding 152,624 163,806 155,153 164,467
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Net income $ 118,377 $ 198,100 $ 396,558 $ 428,766
Preferred Stock dividend requirements (9,778) (9,778) (19,556) (19,556)
Income adjustment (net of tax) applicable
to deferred compensation arrangements 8,485 37,389 37,361 56,591
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Adjusted net income $ 117,084 $ 225,711 $ 414,363 $ 465,801
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Basic and diluted earnings per share (1) $ 0.77 $ 1.38 $ 2.67 $ 2.83
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(1) Reflects all stock dividends declared through October 29, 1999.