Exhibit 12

PITNEY BOWES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2013		2012		2013		2012
Income from continuing operations before income taxes	$	30,588	$	161,142	$	134,116	$	320,846
Add:
Interest expense (1)	51,145		50,995		101,759		101,501
Portion of rents representative of the interest factor	8,787		9,042		17,410		17,914
Amortization of capitalized interest	—		243		—		486
Income as adjusted	$	90,520	$	221,422	$	253,285	$	440,747
Fixed charges:
Interest expense (1)	$	51,145	$	50,995	$	101,759	$	101,501
Portion of rents representative of the interest factor	8,787		9,042		17,410		17,914
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes	6,960		6,898		13,920		13,845
Total fixed charges	$	66,892	$	66,935	$	133,089	$	133,260
Ratio of earnings to fixed charges (2)	1.35		3.31		1.90		3.31

(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.