COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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PITNEY BOWES INC. EXHIBIT (iv)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
<TABLE>
<CAPTION>
(Dollars in thousands)
Years Ended December 31,
1995 1994 1993(2) 1992(2) 1991(2)
<S> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes $618,931 $566,507 $498,860 $411,954 $388,997
Add:
Interest expense 226,110 194,115 189,292 230,764 257,595
Portion of rents
representative of
the interest factor 42,064 42,339 33,842 33,786 32,503
Amortization of
capitalized interest 914 914 914 914 914
Income as adjusted $888,019 $803,875 $722,908 $677,418 $680,009
Fixed charges:
Interest expense $226,110 $194,115 $189,292 $230,764 $257,595
Capitalized interest 2,178 733 - - -
Portion of rents
representative of
the interest factor 42,064 42,339 33,842 33,786 32,503
$270,352 $237,187 $223,134 $264,550 $290,098
Ratio of earnings to
fixed charges 3.28 3.39 3.24 2.56 2.34
<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.
(2) Reclassified to reflect discontinued operations.
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