EXHIBIT 11






                                                THE BEAR STEARNS COMPANIES INC.

                                        STATEMENT RE COMPUTATION OF PER SHARE EARNINGS



                                                          Fiscal Year           Fiscal Year               Fiscal Year
                                                             Ended                 Ended                     Ended
                                                         June 30, 1996         June 30, 1995             June 30, 1994
                                                         -------------         -------------             -------------
                                                                     (In thousands, except per share data)
                                                                                                  
Weighted average Common
  and Common Equivalent
  shares outstanding (1):

Common Stock outstanding                                     123,463               124,144                   130,549

Common Stock equivalents:
Common Stock issuable assuming
 conversion of CAP Units                                     17,905                 15,831                     9,521

Common stock issuable under employee
 benefits plans                                                 399                    743                     1,105
                                                           --------               --------                  --------

Total weighted average common and
 common equivalent shares outstanding                       141,767                140,718                   141,175
                                                           ========               ========                  ========

Net income                                                $ 490,638              $ 240,611                 $ 386,965

Preferred Stock dividend requirements                      (24,493)               (25,137)                  (24,373)

Income adjustment (net of tax)
  applicable to deferred compensation 
  arrangements                                              20,205                  12,153                     7,274
                                                          --------               ---------                  --------
Net Income Applicable to Common and
  Common Equivalent Shares                               $ 486,350               $ 227,627                 $ 369,866
                                                          ========                ========                  ========

Earnings per share                                       $    3.43               $    1.62                 $    2.62
                                                          ========                ========                  ========



<FN>
(1) Adjusted to reflect stock dividends.   
</FN>








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