Exhibit 11
                              THE BEAR STEARNS COMPANIES INC.
                      STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                        (UNAUDITED) 



                                        Three Months Ended 
                                   September 29,    September 30,     
                                        1995             1994            
 
                                 (In thousands, except share data)
                                                     

Weighted average common
  and common equivalent
  shares outstanding:
    Average Common Stock
     outstanding                     117,516          118,186
    Average Common Stock
     equivalents:
      Common Stock issuable
       under employee 
       benefit plans                     383              865 
      Common Stock issuable
       assuming conversion
       of CAP Units                   19,035           16,084      
Total weighted average
 common and common 
 equivalent shares
 outstanding                         136,934          135,135

Net income                          $ 93,846         $ 35,461

Preferred Stock dividend
 requirements                         (6,210)          (6,232)

Income adjustment
  (net of tax) applicable 
  to deferred compensation
  arrangements                         3,534            2,442 

Adjusted net income                 $ 91,170         $ 31,671

Earnings per share                  $   0.67         $   0.23