EX-12 2 pbi-20120331ex12.htm EXHIBIT 12 PBI-2012.03.31 Ex 12


Exhibit (12)


PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Three Months Ended March 31,
(Dollars in thousands)
 
2012
 
2011
 
 
 
 
 
Income from continuing operations before income taxes
 
$
158,691

 
$
134,174

 
 
 
 
 
Add:
 
 
 
 
Interest expense (2)
 
50,506

 
51,817

Portion of rents representative of the interest factor
 
8,871

 
9,806

Amortization of capitalized interest (1)
 
243

 
429

Income as adjusted
 
$
218,311

 
$
196,226

 
 
 
 
 
Fixed charges:
 
 
 
 
Interest expense (2)
 
$
50,506

 
$
51,817

Portion of rents representative of the interest factor
 
8,871

 
9,806

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
 
6,950

 
6,644

Total fixed charges
 
$
66,327

 
$
68,267

 
 
 
 
 
Ratio of earnings to fixed charges
 
3.29
 
2.87
 
 
 
 
 
(1)
The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.

(2)
Interest expense includes both financing interest expense and other interest expense.