COMPUTATION OF RATIO OF EARNING TO FIXED CHARGES
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PITNEY BOWES INC. EXHIBIT (ii)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
<TABLE>
<CAPTION>
(Dollars in thousands)
Years Ended December 31,
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes. . . . . . . . $574,807 $495,352 $461,589 $327,644 $261,057
Add:
Interest expense. . . . . . 187,439 227,257 258,116 264,473 238,375
Portion of rents
representative of
the interest factor . . . 38,712 38,338 36,757 33,672 24,427
Amortization of
capitalized interest. . . 927 927 927 862 839
Income as adjusted . . . . . $801,885 $761,874 $757,389 $626,651 $524,698
Fixed charges:
Interest expense. . . . . . $187,439 $227,257 $258,116 $264,473 $238,375
Capitalized interest. . . . - - - 1,567 1,056
Portion of rents
representative of
the interest factor . . . 38,712 38,338 36,757 33,672 24,427
$226,151 $265,595 $294,873 $299,712 $263,858
Ratio of earnings to
fixed charges. . . . . . . . 3.55 2.87 2.57 2.09 1.99
<FN>
(1) The computation of the ratio of earnings to fixed charges has been
computed by dividing income from continuing operations before income
taxes and fixed charges by fixed charges. Included in fixed charges
is one-third of rental expense as the representative portion of
interest.
</TABLE>