COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Six Months Ended June 30, 1994
Page 15 of 15
Exhibit (ii)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
(Dollars in thousands)
<CAPTION> Three Months Ended Six Months Ended
June 30, June 30,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Income before income taxes . . . . . . . $156,620 $138,753 $303,478 $269,132
Add:
Interest expense . . . . . . . . . . . 46,703 47,010 90,437 97,236
Portion of rents
representative of the
interest factor. . . . . . . . . . . 11,558 9,709 23,712 19,124
Amortization of capitalized
interest . . . . . . . . . . . . . . 231 231 463 463
Income as adjusted . . . . . . . . . . . $215,112 $195,703 $418,090 $385,955
Fixed charges:
Interest expense . . . . . . . . . . . $ 46,703 $ 47,010 $ 90,437 $ 97,236
Capitalized interest . . . . . . . . . 110 - 172 -
Portion of rents
representative of the
interest factor. . . . . . . . . . . 11,558 9,709 23,712 19,124
$ 58,371 $ 56,719 $114,321 $116,360
Ratio of earnings to fixed
charges. . . . . . . . . . . . . . . . 3.69 3.45 3.66 3.32
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(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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