Exhibit 12

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

	Six Months Ended June, 30,				Years ended December 31,
	2011		2010		2010		2009		2008		2007		2006
Income from continuing operations before income taxes	$	293,350	$	263,775	$	534,577	$	693,176	$	713,177	$	660,711	$	914,490
Add:
Interest expense (2)		102,559		100,621		203,911		208,855		229,343		250,540		228,418
Portion of rents representative of the interest factor		19,063		19,946		39,219		41,499		43,030		48,969		46,255
Amortization of capitalized interest		858		858		1,716		1,716		1,717		1,717		1,345
Income as adjusted	$	415,830	$	385,200	$	779,423	$	945,246	$	987,267	$	961,937	$	1,190,508
Fixed charges:
Interest expense (2)	$	102,559	$	100,621	$	203,911	$	208,855	$	229,343	$	250,540	$	228,418
Portion of rents representative of the interest factor		19,063		19,946		39,219		41,499		43,030		48,969		46,255
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		13,548		15,513		29,790		32,851		31,610		33,412		21,819
Total fixed charges	$	135,170	$	136,080	$	272,920	$	283,205	$	303,983	$	332,921	$	296,492
Ratio of earnings to fixed charges		3.08		2.83		2.86		3.34		3.25		2.89		4.02

(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.