STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Published on
PITNEY BOWES INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
<TABLE> EXHIBIT (i)
<CAPTION>
(Dollars in thousands, except share data)
Years Ended December 31,
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Income from continuing operations* . . . . . . . . $ 353,185 $ 312,165 $ 287,857 $ 206,646 $ 180,104
Discontinued operations. . . . . . . . . . . . . . - 2,700 7,440 6,646 6,609
Effect of accounting changes . . . . . . . . . . . - (214 631) - - 66,048
Net income . . . . . . . . . . . . . . . . . . . . $ 353,185 $ 100,234 $ 295,297 $ 213,292 $ 252,761
Weighted average number of common
shares outstanding. . . . . . . . . . . . . . . . 157,766,700 157,562,020 158,180,010 157,379,940 156,268,512
Preference stock, $2.12 cumulative convertible . . 905,231 1,085,684 1,386,566 1,613,714 1,824,008
Stock option and purchase plans. . . . . . . . . . 696,721 581,782 371,838 232,180 520,650
Convertible loan stock . . . . . . . . . . . . . . - 5,926 16,266 23,926 32,922
Total common and common equivalent
shares outstanding. . . . . . . . . . . . . . . . 159,368,652 159,235,412 159,954,680 159,249,760 158,646,092
Income per common and common equivalent share - primary:
Continuing operations . . . . . . . . . . . . . . $ 2.22 $ 1.96 $ 1.80 $ 1.30 $ 1.14
Discontinued operations . . . . . . . . . . . . . - .02 .05 .04 .04
Effect of accounting changes. . . . . . . . . . . - (1.35) - - .41
Net income. . . . . . . . . . . . . . . . . . . . $ 2.22 $ .63 $ 1.85 $ 1.34 $ 1.59
Income from continuing operations* . . . . . . . . $ 353,189 $ 312,169 $ 287,861 $ 206,654 $ 180,116
Discontinued operations. . . . . . . . . . . . . . - 2,700 7,440 6,646 6,609
Effect of accounting changes . . . . . . . . . . . - (214,631) - - 66,048
Net income . . . . . . . . . . . . . . . . . . . . $ 353,189 $ 100,238 $ 295,301 $ 213,300 $ 252,773
Weighted average number of common
shares outstanding. . . . . . . . . . . . . . . . 157,766,700 157,562,020 158,180,010 157,379,940 156,268,512
Preference stock, $2.12 cumulative convertible . . 905,231 1,085,684 1,386,566 1,613,714 1,824,008
Stock option and purchase plans. . . . . . . . . . 706,981 606,915 410,102 245,294 541,098
Convertible loan stock . . . . . . . . . . . . . . - 5,926 16,266 23,926 32,922
Preferred stock, 4% cumulative convertible . . . . 23,464 26,409 28,930 37,862 63,970
Convertible debentures . . . . . . . . . . . . . . - - - 15,800 15,800
Total common and common equivalent
shares outstanding. . . . . . . . . . . . . . . . 159,402,376 159,286,954 160,021,874 159,316,536 158,746,310
Income per common and common equivalent share - fully diluted:
Continuing operations . . . . . . . . . . . . . . $ 2.22 $ 1.96 $ 1.80 $ 1.30 $ 1.14
Discontinued operations . . . . . . . . . . . . . - .02 .05 .04 .04
Effect of accounting changes. . . . . . . . . . . (1.35) - - .41
Net income. . . . . . . . . . . . . . . . . . . . $ 2.22 $ .63 $ 1.85 $ 1.34 $ 1.59
<FN>
* Income from continuing operations was adjusted for preferred dividends and interest on convertible debt.
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