Exhibit (12)

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

(Dollars in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2010		2009		2010		2009
Income from continuing operations before income taxes	$	142,944	$	167,969	$	406,719	$	525,684
Add:
Interest expense (2)		51,499		51,219		152,120		158,413
Portion of rents representative of the interest factor		9,594		10,126		29,540		30,207
Amortization of capitalized interest		430		429		1,288		1,287
Income as adjusted	$	204,467	$	229,743	$	589,667	$	715,591
Fixed charges:
Interest expense (2)	$	51,499	$	51,219	$	152,120	$	158,413
Portion of rents representative of the interest factor		9,594		10,126		29,540		30,207
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		6,835		7,040		22,210		21,631
Total fixed charges	$	67,928	$	68,385	$	203,870	$	210,251
Ratio of earnings to fixed charges		3.01		3.36		2.89		3.40

(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.
(2)	Interest expense includes both financing interest expense and other interest expense.

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