EX-12 2 c57504_ex12.htm

Exhibit (12)

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

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

 

 

 

2009

 

2008

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

178,449

 

$

203,280

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

Interest expense

 

 

52,203

 

 

61,767

 

Portion of rents representative of the interest factor

 

 

9,833

 

 

11,045

 

Amortization of capitalized interest

 

 

429

 

 

429

 

 

 

 

 

 

Income as adjusted

 

$

240,914

 

$

276,521

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

Interest expense

 

$

52,203

 

$

61,767

 

Portion of rents representative of the interest factor

 

 

9,833

 

 

11,045

 

 

 

 

 

 

 

 

 

Noncontrolling interests (Preferred stock dividends of subsidiaries), excluding taxes

 

 

7,589

 

 

7,635

 

 

 

 

 

 

Total fixed charges

 

$

69,625

 

$

80,447

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.46

 

 

3.44

 

 

 

 

 

 

 

(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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