STATEMENT RE COMPUTATION OF PER SHARE EARNINGS.
Published on
PITNEY BOWES INC. EXHIBIT (i)
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
(Dollars in thousands, except share data) Years Ended December 31,
1994 1993(1) 1992(1) 1991(1) 1990(1)
<S> <C> <C> <C> <C> <C>
Primary
Income from continuing operations(2) $ 348,428 $ 305,690 $ 260,736 $ 242,649 $ 159,155
Discontinued operations 45,161 47,495 54,129 52,648 54,137
Effect of accounting changes (119,532) - (214,631) - -
Net income $ 274,057 $ 353,185 $ 100,234 $ 295,297 $ 213,292
Weighted average number of common shares
outstanding 156,459,437 157,766,700 157,562,020 158,180,010 157,379,940
Preference stock, $2.12
cumulative convertible 847,430 905,231 1,085,684 1,386,566 1,613,714
Stock option and purchase plans 421,761 696,721 581,782 371,838 232,180
Convertible loan stock - - 5,926 16,266 23,926
Total common and common equivalent shares
outstanding 157,728,628 159,368,652 159,235,412 159,954,680 159,249,760
Income per common and common equivalent share - primary:
Continuing operations $ 2.21 $ 1.92 $ 1.64 $ 1.52 $ 1.00
Discontinued operations .29 .30 .34 .33 .34
Effect of accounting changes (.76) - (1.35) - -
Net income $ 1.74 $ 2.22 $ .63 $ 1.85 $ 1.34
Fully Diluted
Income from continuing operations(2) $ 348,430 $ 305,694 $ 260,740 $ 242,653 $ 159,163
Discontinued operations 45,161 47,495 54,129 52,648 54,137
Effect of accounting changes (119,532) - (214,631) - -
Net income $ 274,059 $ 353,189 $ 100,238 $ 295,301 $ 213,300
Weighted average number of common shares
outstanding 156,459,437 157,766,700 157,562,020 158,180,010 157,379,940
Preference stock, $2.12
cumulative convertible 847,430 905,231 1,085,684 1,386,566 1,613,714
Stock option and purchase plans 439,756 706,981 606,915 410,102 245,294
Convertible loan stock - - 5,926 16,266 23,926
Preferred stock, 4% cumulative convertible 14,265 23,464 26,409 28,930 37,862
Convertible debentures - - - - 15,800
Total common and common equivalent shares
outstanding 157,760,888 159,402,376 159,286,954 160,021,874 159,316,536
Income per common and common equivalent share - fully diluted:
Continuing operations $ 2.21 $ 1.92 $ 1.64 $ 1.52 $ 1.00
Discontinued operations .29 .30 .34 .33 .34
Effect of accounting changes (.76) - (1.35) - -
Net income $ 1.74 $ 2.22 $ .63 $ 1.85 $ 1.34
<FN>
(1) Reclassified to reflect discontinued operations.
(2) Income from continuing operations was adjusted for preferred dividends and
interest on convertible debt.
</TABLE>