COMPUTATION OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Six Months Ended June 30, 1995
Page 18 of 19
Exhibit (ii)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
(Dollars in thousands) Three Months Ended Six Months Ended
<CAPTION> June 30, June 30,
1995 1994(2) 1995 1994(2)
<S> <C> <C> <C> <C>
Income from continuing
operations before income
taxes $153,615 $137,399 $303,601 $267,563
Add:
Interest expense 61,593 47,140 121,704 91,270
Portion of rents
representative of the
interest factor 10,446 10,393 21,227 21,388
Amortization of capitalized
interest 229 225 457 457
Income as adjusted $225,883 $195,157 $446,989 $380,678
Fixed charges:
Interest expense $ 61,593 $ 47,140 $121,704 $ 91,270
Capitalized interest 468 110 962 172
Portion of rents
representative of the
interest factor 10,446 10,393 21,227 21,388
$ 72,507 $ 57,643 $143,893 $112,830
Ratio of earnings to fixed
charges 3.12 3.39 3.11 3.37
<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) Reclassified to reflect discontinued operations.
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