STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Published on
PITNEY BOWES INC. EXHIBIT (vi)
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
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(Dollars in thousands, except share data) Years Ended December 31,
<S> <C> <C> <C> <C> <C>
Primary 1996 1995 1994 1993(1) 1992(1)
Income from continuing operations(2) $ 469,413 $ 407,708 $ 348,428 $ 305,690 $ 260,736(3)
Discontinued operations - 175,431 45,161 47,495 54,129
Effect of accounting changes - - (119,532) - (214,631)
Net income $ 469,413 $ 583,139 $ 274,057 $ 353,185 $ 100,234
Weighted average number of common shares
outstanding 149,116,883 151,140,274 156,459,437 157,766,700 157,562,020
Preference stock, $2.12 cumulative
convertible 726,756 785,355 847,430 905,231 1,085,684
Stock option and purchase plans 796,598 432,845 421,761 696,721 581,782
Convertible loan stock - - - - 5,926
Total common and common equivalent shares
outstanding 150,640,237 152,358,474 157,728,628 159,368,652 159,235,412
Income per common and common equivalent share - primary:
Continuing operations $ 3.12 $ 2.68 $ 2.21 $ 1.92 $ 1.64
Discontinued operations - 1.15 .29 .30 .34
Effect of accounting changes - (.76) - (1.35)
Net income $ 3.12 $ 3.83 $ 1.74 $ 2.22 $ .63
Fully Diluted
Income from continuing operations $ 469,413 $ 407,709 $ 348,430 $ 305,694 $ 260,740(3)
Discontinued operations - 175,431 45,161 47,495 54,129
Effect of accounting changes - - (119,532) - (214,631)
Net income $ 469,413 $ 583,140 $ 274,059 $ 353,189 $ 100,238
Weighted average number of common shares
outstanding 149,116,883 151,140,274 156,459,437 157,766,700 157,562,020
Preference stock, $2.12 cumulative
convertible 726,756 785,355 847,430 905,231 1,085,684
Stock option and purchase plans 851,050 460,348 439,756 706,981 606,915
Convertible loan stock - - - - 5,926
Preferred stock, 4% cumulative convertible 11,441 11,502 14,265 23,464 26,409
Total common and common equivalent shares
outstanding 150,706,130 152,397,479 157,760,888 159,402,376 159,286,954
Income per common and common equivalent share - fully diluted:
Continuing operations $ 3.12 $ 2.68 $ 2.21 $ 1.92 $ 1.64
Discontinued operations - 1.15 .29 .30 .34
Effect of accounting changes - - (.76) - (1.35)
Net income $ 3.12 $ 3.83 $ 1.74 $ 2.22 $ .63
<FN>
(1) Reclassified to reflect discontinued operations.
(2) Income from continuing operations was adjusted for preferred dividends.
(3) Income from continuing operations was adjusted for interest on convertible debt.
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