COMPUTATION OF EARNINGS TO FIXED CHARGES
Published on
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Pitney Bowes Inc. - Form 10-Q
Three Months Ended March 31, 1997
Exhibit (iii)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
(Dollars in thousands)
Three Months Ended March 31,
<CAPTION> 1997 1996
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Income from continuing operations
before income taxes $ 183,635 $ 163,439
Add:
Interest expense 51,905 49,912
Portion of rents
representative of the
interest factor 11,129 11,061
Amortization of capitalized
interest 243 228
Minority interest
in the income of
subsidiary with
fixed charges 1,966 2,119
Income as adjusted $ 248,878 $ 226,759
Fixed charges:
Interest expense $ 51,905 $ 49,912
Capitalized interest - 602
Portion of rents
representative of the
interest factor 11,129 11,061
Minority interest
in the income of
subsidiary with
fixed charges 1,966 2,119
$ 65,000 $ 63,694
Ratio of earnings to fixed
charges 3.83 3.56
Ratio of earings to fixed
charges excluding minority
interest 3.92 3.65
<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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