EX-12 2 pbi-20160930ex12.htm EXHIBIT 12 Exhibit


Exhibit 12


PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

 
Nine Months Ended September 30,
 
2016
 
2015
Income from continuing operations before income taxes
$
286,495

 
$
481,601

Add:
 
 
 
Interest expense
106,901

 
121,391

Portion of rent expense representative of the interest factor
11,601

 
12,209

Income as adjusted
$
404,997

 
$
615,201

 
 
 
 
Fixed charges:
 
 
 
Interest expense
$
106,901

 
$
121,391

Portion of rent expense representative of the interest factor
11,601

 
12,209

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
22,390

 
22,372

Total fixed charges
$
140,892

 
$
155,972

 
 
 
 
Ratio of earnings to fixed charges
2.87
 
3.94
 
 
 
 
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.