EX-12 3 c58415_ex12.htm

Exhibit (12)

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

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

179,266

 

$

206,522

 

$

357,715

 

$

409,802

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

54,991

 

 

57,689

 

 

107,194

 

 

119,457

Portion of rents representative of the interest factor

 

 

10,248

 

 

11,265

 

 

20,081

 

 

22,311

Amortization of capitalized interest

 

 

429

 

 

429

 

 

858

 

 

858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income as adjusted

 

$

244,934

 

$

275,905

 

$

485,848

 

$

552,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

54,991

 

$

57,689

 

$

107,194

 

$

119,457

Portion of rents representative of the interest factor

 

 

10,248

 

 

11,265

 

 

20,081

 

 

22,311

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

7,019

 

 

7,275

 

 

14,582

 

 

14,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

72,258

 

$

76,229

 

$

141,857

 

$

156,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.39

 

 

3.62

 

 

3.42

 

 

3.53

 

 

 

 

 

 

 

(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.

47