EX-12 2 pbi-20140331ex12.htm EXHIBIT PBI-2014.03.31 Ex 12


Exhibit 12


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

 
Three Months Ended March 31,
(Dollars in thousands)
2014
 
2013
Income from continuing operations before income taxes
$
54,502

 
$
81,865

Add:
 
 
 
Interest expense (1)
44,570

 
49,758

Portion of rents representative of the interest factor
5,775

 
5,987

Amortization of capitalized interest
—

 
243

Income as adjusted
$
104,847

 
$
137,853

 
 
 
 
Fixed charges:
 
 
 
Interest expense (1)
$
44,570

 
$
49,758

Portion of rents representative of the interest factor
5,775

 
5,987

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
7,482

 
6,960

Total fixed charges
$
57,827

 
$
62,705

Ratio of earnings to fixed charges (2)
1.81
 
2.20
 
 
 
 
(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. One-third of rent expense is included in fixed charges as the representative portion of interest.