EX-12 2 c48316_ex12.htm c48316_ex12.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit (12)

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

    Three Months Ended
    March 31,
    2007   2006
 
Income from continuing operations before income taxes and minority interest   $  231,036   $ 213,356
 
Add:            
 Interest expense     58,605     55,360
 Portion of rents representative of the interest factor     11,493     11,481
 Amortization of capitalized interest     429     243
 Minority interest, excluding taxes, in the income of subsidiary with fixed charges     4,746     2,917
 
Income as adjusted   $ 306,309   $ 283,357
 
Fixed charges:            
 Interest expense   $ 58,605   $ 55,360
 Portion of rents representative of the interest factor     11,493     11,481
 Minority interest, excluding taxes, in the income of subsidiary with fixed charges     7,246     4,453
 
Total fixed charges   $ 77,344   $ 71,294
 
Ratio of earnings to fixed charges     3.96     3.97

(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.