Exhibit (12)
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Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
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<TABLE>
<CAPTION>

(Dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
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2005 2004 2005 2004
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<S> <C> <C> <C> <C>
Income before income taxes................................... $ 209,852 $ 197,948 $ 437,621 $ 383,969

Add:
Interest expense........................................... 49,434 42,152 95,801 83,624
Portion of rents representative
of the interest factor................................... 13,450 12,128 27,380 25,343
Amortization of capitalized
interest................................................. 367 367 736 736
Minority interest in the income of
subsidiary with fixed charges............................ 2,294 923 4,052 1,833
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Income as adjusted........................................... $ 275,397 $ 253,518 $ 565,590 $ 495,505
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Fixed charges:
Interest expense........................................... $ 49,434 $ 42,152 $ 95,801 $ 83,624
Portion of rents representative
of the interest factor................................... 13,450 12,128 27,380 25,343
Minority interest, excluding taxes, in the
income of subsidiary with fixed charges.................. 3,466 1,356 6,143 2,693
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Total fixed charges.......................................... $ 66,350 $ 55,636 $ 129,324 $ 111,660
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Ratio of earnings to fixed charges........................... 4.15 4.56 4.37 4.44
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<FN>
(1) The computation of the ratio of earnings to fixed charges has been
computed by dividing income before income taxes as adjusted by fixed
charges. Included in fixed charges is one-third of rental expense as
the representative portion of interest.
</FN>
</TABLE>