EXHIBIT 12
THE BEAR STEARNS COMPANIES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS, EXCEPT FOR RATIOS)
(Unaudited)
Three months Ended Fiscal Year Ended
---------------------------- --------------------------------------------------------------------------
February 28, February 28, November 30, November 30, November 30, November 30, November 30,
2006 2005 2005 2004 2003 2002 2001
------------ ------------ ------------ ------------ ------------ ------------ ------------
Earnings before taxes
on income $ 752,353 $ 578,328 $ 2,207,059 $ 2,022,154 $ 1,772,269 $ 1,310,963 $ 934,444
----------- ----------- ----------- ----------- ----------- ----------- -----------
Add: Fixed Charges
Interest 1,453,215 784,709 4,141,653 1,609,019 1,400,953 1,762,580 3,793,998
Interest factor in 12,028 10,254 44,723 37,143 36,038 37,735 33,500
rents ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total fixed charges 1,465,243 794,963 4,186,376 1,646,162 1,436,991 1,800,315 3,827,498
----------- ----------- ----------- ----------- ----------- ----------- -----------
Earnings before fixed
charges and taxes
on income $ 2,217,596 $ 1,373,291 $ 6,393,435 $ 3,668,316 $ 3,209,260 $ 3,111,278 $ 4,761,942
Preferred stock
dividend
requirements $ 7,922 $ 9,890 $ 36,711 $ 42,214 $ 48,084 $ 53,142 $ 59,074
Total combined fixed
charges and
preferred stock
dividends $ 1,473,165 $ 804,853 $ 4,223,087 $ 1,688,376 $ 1,485,075 $ 1,853,457 $ 3,886,572
Ratio of earnings to
fixed charges 1.5 1.7 1.5 2.2 2.2 1.7 1.2
----------- ----------- ----------- ----------- ----------- ----------- -----------
Ratio of earnings to
combined fixed
charges and
preferred stock
dividends 1.5 1.7 1.5 2.2 2.2 1.7 1.2
----------- ----------- ----------- ----------- ----------- ----------- -----------
64