EX-12 2 c51084_ex12.htm c51084_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 
    
Nine Months Ended
   
September 30, 
   
September 30, 
   
2007 
    2006      2007      2006 
Income from continuing operations before                       
     income taxes and minority interest 
$
 207,374   
$
 225,445  
$
 678,375   
$
 659,374
Add:                       
Interest expense    65,181      59,525      190,223      171,718 
Portion of rents representative                       
     of the interest factor    12,289      11,694      35,627      35,143 
Amortization of capitalized                       
     interest    429      243      1,287      729 
Income as adjusted 
$
 285,273  
$
 296,907  
$
 905,512   
$
 866,964 
Fixed charges:                       
     Interest expense 
$
 65,181  
$
 59,525     $ 190,223   
$
 171,718
     Portion of rents representative                       
         of the interest factor    12,289      11,694      35,627      35,143 
     Minority interest, excluding taxes, in the                       
         income of subsidiary with fixed charges 
 
 7,518      5,569      22,018      15,700 
Total fixed charges  $ 84,988   
$
 76,788  
$
 247,868   
$
 222,561 
Ratio of earnings to fixed charges    3.36      3.87      3.65      3.90 

(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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