Exhibit 12

	PITNEY BOWES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGSE (Dollars in thousands)
	Six Months Ended June 30,				Years Ended December 31,
	2014		2013		2013		2012		2011		2010		2009
Income from continuing operations before income taxes	$	192,979	$	190,698	$	383,954	$	511,770	$	465,616	$	431,678	$	541,738
Add:
Interest expense (1)		88,505		101,759		195,836		196,368		203,061		203,911		208,855
Portion of rents representative of the interest factor		9,581		17,410		22,259		22,564		25,893		25,270		27,064
Amortization of capitalized interest		—		—		—		973		1,535		1,716		1,716
Income as adjusted	$	291,065	$	309,867	$	602,049	$	731,675	$	696,105	$	662,575	$	779,373
Fixed charges:
Interest expense (1)	$	88,505	$	101,759	$	195,836	$	196,368	$	203,061	$	203,911	$	208,855
Portion of rents representative of the interest factor		9,581		17,410		22,259		22,564		25,893		25,270		27,064
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		14,963		13,920		27,841		27,841		27,507		29,790		32,851
Total fixed charges	$	113,049	$	133,089	$	245,936	$	246,773	$	256,461	$	258,971	$	268,770
Ratio of earnings to fixed charges (2)		2.57		2.33		2.45		2.96		2.71		2.56		2.90
Ratio of earnings to fixed charges (exclusive of non-controlling interest (2)		2.97		2.60		2.76		3.34		3.04		2.89		3.30

(1)	Interest expense includes both financing interest expense and other interest expense.
(2)	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 rent expense as the representative portion of interest.