EXHIBIT 12
THE BEAR STEARNS COMPANIES INC.
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)
(Unaudited) (Unaudited)
Six Months Six Months Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended Ended Ended Ended
December 31, December 31, June 30, 1996 June 30, 1995 June 30, 1994 June 30, 1993 June 30, 1992
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1996 1995
Earnings before taxes
on income $ 469,072 $ 337,291 $ 834,926 $ 388,082 $ 642,799 $ 614,398 $ 507,625
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Add: Fixed Charges
Interest 1,163,865 959,348 1,981,171 1,678,515 1,023,866 710,086 834,859
Interest factor
in rents 13,144 12,853 25,672 24,594 21,772 20,084 20,874
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Total fixed charges 1,177,009 972,201 2,006,843 1,703,109 1,045,638 730,170 855,733
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Earnings before
fixed charges and
taxes on income $1,646,081 $1,309,492 $2,841,769 $2,091,191 $1,688,437 $1,344,568 $1,363,358
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Ratio of earnings to
fixed charges 1.4 1.3 1.4 1.2 1.6 1.8 1.6
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