COMPUTATION OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Nine Months Ended September 30, 1994
Page 18 of 19
Exhibit (ii)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
(Dollars in thousands) Three Months Ended Nine Months Ended
<CAPTION> September 30, September 30,
1994 1993(2) 1994 1993(2)
<S> <C> <C> <C> <C>
Income from continuing
operations before income
taxes $154,819 $124,504 $422,382 $355,244
Add:
Interest expense 50,031 45,402 141,301 143,558
Portion of rents
representative of the
interest factor 11,157 8,486 32,545 25,277
Amortization of capitalized
interest 228 228 685 685
Income as adjusted $216,235 $178,620 $596,913 $524,764
Fixed charges:
Interest expense 50,031 45,402 141,301 143,558
Capitalized interest 200 - 372 -
Portion of rents
representative of the
interest factor 11,157 8,486 32,545 25,277
$ 61,388 $ 53,888 $174,218 $168,835
Ratio of earnings to fixed
charges 3.52 3.31 3.43 3.11
<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.
<FN>
(2) Restated to reflect discontinued operations.
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