COMPUTATION OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Nine Months Ended September 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 Nine Months Ended
<CAPTION> September 30, September 30,
1995 1994 1995 1994
<S> <C> <C> <C> <C>
Income from continuing
operations before income
taxes $150,790 $154,819 $454,391 $422,382
Add:
Interest expense 54,059 50,031 175,763 141,301
Portion of rents
representative of the
interest factor 9,952 11,157 31,179 32,545
Amortization of capitalized
interest 228 228 685 685
Income as adjusted $215,029 $216,235 $662,018 $596,913
Fixed charges:
Interest expense 54,059 50,031 175,763 141,301
Capitalized interest 608 200 1,570 372
Portion of rents
representative of the
interest factor 9,952 11,157 31,179 32,545
$ 64,619 $ 61,388 $208,512 $174,218
Ratio of earnings to fixed
charges 3.33 3.52 3.17 3.43
<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.
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