EXHIBIT 12
THE BEAR STEARNS COMPANIES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT FOR RATIO)
(Unaudited) Five Months
Six Months Ended Fiscal Year Ended Ended Fiscal Year Ended
---------------------- ----------------------- ---------- ------------------------------------
May 31, May 25, November 30, November 30, November 26, June 30, June 30, June 30,
2002 2001 2001 2000 1999 1999 1998 1997
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings before taxes on
income $ 792,979 $ 519,793 $ 934,444 $1,171,523 $ 453,592 $1,064,108 $1,063,492 $1,013,690
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Add: Fixed Charges
Interest 941,704 2,003,113 3,793,998 4,772,286 1,524,046 3,344,190 3,622,629 2,532,181
Interest factor
in rents 19,160 16,460 33,500 32,200 12,783 31,363 30,130 26,516
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges 960,864 2,019,573 3,827,498 4,804,486 1,536,829 3,375,553 3,652,759 2,558,697
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings before fixed
charges and taxes on
income $1,753,843 $2,539,366 $4,761,942 $5,976,009 $1,990,421 $4,439,661 $4,716,251 $3,572,387
========== ========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges 1.8 1.3 1.2 1.2 1.3 1.3 1.3 1.4
========== ========== ========== ========== ========== ========== ========== ==========
Note: Certain reclassifications have been made to prior period amounts to
conform to the current period's presentation.
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