Exhibit 12

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

	Years Ended December 31,
	2016		2015		2014		2013		2012
Income from continuing operations before income taxes	$	246,370	$	610,825	$	431,196	$	383,954	$	511,770
Add:
Interest expense (1)		148,044		162,909		174,661		195,368		196,368
Portion of rents representative of the interest factor		14,927		15,807		18,367		22,259		22,564
Amortization of capitalized interest		—		—		—		—		973
Income as adjusted	$	409,341	$	789,541	$	624,224	$	602,049	$	731,675
Fixed charges:
Interest expense	$	148,044	$	162,909	$	174,661	$	195,368	$	196,368
Portion of rents representative of the interest factor		14,927		15,807		18,367		22,259		22,564
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		30,917		29,830		29,878		27,841		27,841
Total fixed charges	$	193,888	$	208,546	$	222,906	$	245,468	$	246,773
Ratio of earnings to fixed charges (2)		2.11		3.79		2.80		2.45		2.96
Ratio of earnings to fixed charges (exclusive of non-controlling interest) (2)		2.51		4.42		3.23		2.76		3.34

(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.