EX-12 2 c53425_ex12.htm c53425_ex12.htm

Exhibit (12)

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

      Three Months Ended
(Dollars in thousands)     March 31,  
      2008               2007  
 
 Income from continuing operations before income taxes and minority interest (preferred stock dividends in subsidiaries)   $  203,280   $ 231,036  
 
 Add:              
   Interest expense     61,767     58,605  
   Portion of rents representative of the interest factor     11,045     9,173  
   Amortization of capitalized interest     429     429  
 
 Income as adjusted   $    276,521   $    299,243  
 
 Fixed charges:              
   Interest expense   $ 61,767   $ 58,605  
   Portion of rents representative of the interest factor     11,045     9,173  
   Minority interest (preferred stock dividends in subsidiaries), excluding taxes     7,635     7,246  
 
 Total fixed charges   $ 80,447   $ 75,024  
 
 Ratio of earnings to fixed charges     3.44     3.99  

(1)

The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and preferred dividends 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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