COMPUTATION OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Nine Months Ended September 30, 1996
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,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Income from continuing
operations before income
taxes $176,450 $150,790 $522,085 $454,391
Add:
Interest expense 52,212 54,059 151,095 175,763
Portion of rents
representative of the
interest factor 11,469 9,952 33,780 31,179
Amortization of capitalized
interest 228 228 685 685
Minority interest in the
income of subsidiary
with fixed charges 2,011 2,823 6,121 2,823
Income as adjusted $242,370 $217,852 $713,766 $664,841
Fixed charges:
Interest expense 52,212 54,059 151,095 175,763
Capitalized interest - 608 1,201 1,570
Portion of rents
representative of the
interest factor 11,469 9,952 33,780 31,179
Minority interest in the
income of subsidiary
with fixed charges 2,011 2,823 6,121 2,823
$ 65,692 $ 67,442 $192,197 $211,335
Ratio of earnings to fixed
charges 3.69 3.23 3.71 3.15
Ratio of earnings to fixed
charges excluding minority
interest 3.77 3.33 3.80 3.17
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(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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