EX-12 2 c43815_ex-12.htm

Exhibit (12)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
   
   
 
   
Three Months Ended 
Six Months Ended 
   
June 30, 
June 30, 
   
2006 
2005 
2006 
     
2005 
     
     
 
Income from continuing operations before income taxes   
$
220,573   
$ 
185,395   
$ 
433,929   
$ 
393,326 
   and minority interest   
   
   
   
 
     
Add:   
   
   
   
 
 Interest expense   
56,833   
46,024   
112,193   
89,385 
 Portion of rents representative   
   
   
   
 
   of the interest factor   
11,769   
13,450   
23,450   
27,380 
 Amortization of capitalized   
   
   
   
 
   interest   
243   
367   
486   
736 
     
Income as adjusted   
$
289,418   
$ 
245,236   
$ 
570,058   
$ 
510,827 
     
Fixed charges:   
   
   
   
 
 Interest expense   
$
56,833   
$ 
46,024   
$ 
112,193   
$ 
89,385 
 Portion of rents representative   
   
   
   
 
   of the interest factor   
11,769   
13,450   
23,450   
27,380 
 Minority interest, excluding taxes, in the   
   
   
   
 
   income of subsidiary with fixed charges   
5,748   
3,776   
10,117   
6,785 
     
Total fixed charges   
$
74,350   
$ 
63,250   
$ 
145,760   
$ 
123,550 
     
Ratio of earnings to fixed charges   
3.89   
3.88   
3.91   
4.13 

(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.
 

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