Exhibit (12)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2006		2005		2006		2005
Income from continuing operations before income taxes and minority interest	$	225,445	$	203,452	$	659,374	$	596,778
Add:
Interest expense		59,525		50,875		171,718		140,260
Portion of rents representative of the interest factor		11,694		13,382		35,143		37,928
Amortization of capitalized interest		243		367		729		1,103
Income as adjusted	$	296,907	$	268,076	$	866,964	$	776,069
Fixed charges:
Interest expense	$	59,525	$	50,875	$	171,718	$	140,260
Portion of rents representative of the interest factor		11,694		13,382		35,143		37,928
Minority interest, excluding taxes, in the income of subsidiary with fixed charges		5,569		3,620		15,700		10,405
Total fixed charges	$	76,788	$	67,877	$	222,561	$	188,593
Ratio of earnings to fixed charges		3.87		3.95		3.90		4.12

(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and minority interest 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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