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, June 30, June 30,
1999 1998 1997
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(In thousands, except share data)
Weighted average common and
common equivalent shares
outstanding(1):
Average Common Stock outstanding 125,515 126,479 126,983
Average Common Stock equivalents:
Common Stock issuable assuming
conversion of CAP units 31,635 31,568 27,798
Common Stock issuable under
employee benefit plans 453 483 459
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Total weighted average common and
common equivalent shares
outstanding 157,603 158,530 155,240
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Net income $ 673,048 $ 660,429 $ 613,330
Preferred Stock dividend
requirements (39,430) (31,012) (23,833)
Income adjustment (net of tax)
applicable to deferred
compensation arrans 71,728 64,951 31,800
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Adjusted net income $ 705,346 $ 694,368 $ 621,297
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Earnings per share(1) $ 4.48 $ 4.38 $ 4.00
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(1) For the fiscal years ended June 30, 1999 and June 30, 1998, adjusted for the
5% stock dividend declared on January 20, 1999