COMPUTATION OF EARNINGS PER SHARE
Published on
<TABLE>
Pitney Bowes Inc. - Form 10-Q Exhibit (i)
Three Months Ended March 31, 1994
Page 14 of 15
Pitney Bowes Inc.
Computation of Earnings per Share
Three Months Ended March 31,
(Dollars in thousands, except per share data) 1994 1993
<CAPTION>
<S> <C> <C>
Primary
Income before effect of a change in accounting for
postemployment benefits (1). . . . . . . . . . . . . . $ 91,861 $ 82,059
Effect of accounting change. . . . . . . . . . . . . . . (119,532) -
Net (loss) income applicable to common stock . . . . . . $ (27,671) $ 82,059
Weighted average number of common shares outstanding . . 158,151,500 157,161,280
Preference stock, $2.12 cumulative convertible . . . . . 869,500 930,174
Stock option and purchase plans. . . . . . . . . . . . . 648,700 808,383
Total common and common equivalent shares outstanding. . 159,669,700 158,899,837
Income per common and common equivalent share -
primary:
Income before effect of a change in accounting for
postemployment benefits. . . . . . . . . . . . . . $ .58 $ .52
Effect of accounting change. . . . . . . . . . . . . (.75) -
Net (loss) income. . . . . . . . . . . . . . . . . . $ (.17) $ .52
Fully Diluted
Income before effect of a change in accounting for
postemployment benefits. . . . . . . . . . . . . . . . $ 91,862 $ 82,060
Effect of accounting change. . . . . . . . . . . . . . . (119,532) -
Net (loss) income applicable to common stock . . . . . . $ (27,670) $ 82,060
Weighted average number of common shares outstanding . . 158,151,500 157,161,280
Preference stock, $2.12 cumulative convertible . . . . . 869,500 930,174
Stock option and purchase plans. . . . . . . . . . . . . 676,275 815,616
Preferred stock, 4% cumulative convertible . . . . . . . 16,568 25,949
Total common and common equivalent shares outstanding. . 159,713,843 158,933,019
Income per common and common equivalent share -
fully diluted:
Income before effect of a change in accounting for
postemployment benefits. . . . . . . . . . . . . . $ .58 $ .52
Effect of accounting change. . . . . . . . . . . . . (.75) -
Net (loss) income. . . . . . . . . . . . . . . . . . $ (.17) $ .52
<FN>
(1) Income before effect of a change in accounting for postemployment benefits was
adjusted for preferred dividends.
</TABLE>