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 millions, except for ratio)
Fiscal Year Ended November 30,
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2007 2006 2005 2004 2003
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Earnings before taxes on income $ 193 $ 3,147 $ 2,207 $ 2,022 $ 1,772
Add: Fixed Charges
Interest 10,206 7,324 4,141 1,609 1,401
Interest factor in rents 73 55 45 37 36
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Total fixed charges 10,279 7,379 4,186 1,646 1,437
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Earnings before fixed charges $10,472 $10,526 $ 6,393 $ 3,668 $ 3,209
and taxes on income
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Preferred stock dividend 17 33 37 42 48
requirements
Total combined fixed charges $10,296 $ 7,412 $ 4,223 $ 1,688 $ 1,485
and preferred stock dividends
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Ratio of earnings to fixed charges 1.0 1.4 1.5 2.2 2.2
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Ratio of earnings to combined fixed 1.0 1.4 1.5 2.2 2.2
charges and preferred stock dividends
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