COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q Exhibit (ii)
Three Months Ended March 31, 1994
Page 15 of 15
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
(Dollars in thousands)
<CAPTION> Three Months Ended March 31,
1994 1993
<S> <C> <C>
Income before income taxes . . . . . . . . $146,858 $130,379
Add:
Interest expense . . . . . . . . . . . . 43,734 50,226
Portion of rents
representative of the
interest factor. . . . . . . . . . . . 12,154 9,415
Amortization of capitalized
interest . . . . . . . . . . . . . . . 232 232
Income as adjusted . . . . . . . . . . . . $202,978 $190,252
Fixed charges:
Interest expense . . . . . . . . . . . . $ 43,734 $ 50,226
Capitalized interest . . . . . . . . . . 62 -
Portion of rents
representative of the
interest factor. . . . . . . . . . . . 12,154 9,415
$ 55,950 $ 59,641
Ratio of earnings to fixed
charges. . . . . . . . . . . . . . . . . 3.63 3.19
<FN>
(1) The computation of the ratio of earnings to fixed charges has been
computed by dividing income 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.
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