EX-12 2 pbi-20120930ex12.htm EXHIBIT 12 PBI-2012.09.30 Ex 12


Exhibit (12)


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

 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands)
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
107,616

 
$
99,845

 
$
422,795

 
$
393,195

Add:
 
 
 
 
 
 
 
 
Interest expense (1)
 
47,145

 
50,362

 
148,646

 
152,921

Portion of rents representative of the interest factor
 
9,035

 
10,059

 
26,949

 
29,112

Amortization of capitalized interest
 
243

 
429

 
730

 
1,287

Income as adjusted
 
$
164,039

 
$
160,695

 
$
599,120

 
$
576,515

 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
47,145

 
$
50,362

 
$
148,646

 
$
152,921

Portion of rents representative of the interest factor
 
9,035

 
10,059

 
26,949

 
29,112

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
 
6,760

 
6,855

 
19,600

 
20,386

Total fixed charges
 
$
62,940

 
$
67,276

 
$
195,195

 
$
202,419

Ratio of earnings to fixed charges (2)
 
2.61
 
2.39
 
3.07
 
2.85
 
 
 
 
 
 
 
 
 
(1)
Interest expense includes both financing interest expense and other interest expense.

(2)
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 rent expense as the representative portion of interest.