EXHIBIT 11
THE BEAR STEARNS COMPANIES INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
Three Months Ended Nine Months Ended
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August 31, August 25, August 31, August 25,
2001 2000 2001 2000
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(In thousands, except per share data)
Weighted average common shares outstanding:
Average common shares outstanding 98,482 107,667 103,852 111,818
Average common shares issuable assuming
conversion of fully vested CAP units 41,268 40,647 40,347 40,647
Average common shares issuable under other
employee benefit plans 582 502 569 502
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Total basic weighted average common shares outstanding 140,332 148,816 144,768 152,967
Effect of dilutive securities:
CAP and restricted units 7,587 8 8,462 3
Employee stock options 1,137 418 891 199
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Total weighted average common shares outstanding and
dilutive potential common shares 149,056 149,242 154,121 153,169
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Net income $ 134,572 $ 181,436 $ 463,746 $ 577,994
Preferred stock dividends (9,778) (9,778) (29,335) (29,335)
Income adjustment (net of tax) applicable to deferred
compensation arrangements 17,072 25,909 58,044 63,270
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Net earnings available to common shareholders $ 141,866 $ 197,567 $ 492,455 $ 611,929
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Basic earnings per share $ 1.00 $ 1.33 $ 3.34 $ 4.00
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Diluted earnings per share $ 0.95 $ 1.32 $ 3.20 $ 4.00
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