Exhibit 12
THE BEAR STEARNS COMPANIES INC
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio)
(Unaudited) (Unaudited)
Three Months Three Months Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended Ended Ended Ended
September 25, September 26, June 30, June 30, June 30, June 30, June 30,
1998 1997 1998 1997 1996 1995 1994
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Earnings before taxes
on income $ 93,309 $ 267,138 $ 1,063,492 $ 1,013,690 $ 834,926 $ 388,082 $ 642,799
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Add: Fixed Charges
Interest 982,703 816,915 3,638,513 2,551,364 1,981,171 1,678,515 1,023,866
Interest factor
in rents 7,706 7,231 30,130 26,516 25,672 24,594 21,772
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Total fixed charges 990,409 824,146 3,668,643 2,577,880 2,006,843 1,703,109 1,045,638
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Earnings before fixed
charges and taxes on
income $ 1,083,718 $ 1,091,284 $ 4,732,135 $ 3,591,570 $ 2,841,769 $ 2,091,191 $ 1,688,437
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Ratio of earnings to
fixed charges 1.1 1.3 1.3 1.4 1.4 1.2 1.6
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