Exhibit 12

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

											Three Months
											Ended
	Years ended December 31,										March 31,
(Dollars in thousands)	2003		2004		2005		2006		2007		2008
Income from continuing operations before income taxes and minority interest (preferred stock dividends of subsidiaries)	$	593,657	$	608,390	$	811,668	$	914,490	$	660,711	$	203,280
Add:
Interest expense		166,856		161,650		193,174		228,418		250,540		61,767
Portion of rents representative of the interest factor		45,978		51,445		52,823		46,255		48,969		11,045
Amortization of capitalized interest		1,473		1,473		986		1,345		1,717		429
Income as adjusted	$	807,964	$	822,958	$	1,058,651	$	1,190,508	$	961,937	$	276,521
Fixed charges:
Interest expense	$	166,856	$	161,650	$	193,174	$	228,418	$	250,540	$	61,767
Portions of rents representative of the interest factor		45,978		51,445		52,823		46,255		48,969		11,045
Minority interest (preferred stock dividends of subsidiaries), excluding taxes		5,701		8,338		16,512		21,819		33,412		7,635
Total fixed charges	$	218,535	$	221,433	$	262,509	$	296,492	$	332,921	$	80,447
Ratio of earnings to fixed charges		3.70		3.72		4.03		4.02		2.89		3.44
Ratio of earnings to fixed charges (exclusive of minority interest)		3.80		3.86		4.30		4.33		3.21		3.80

(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.