COMPUTATION OF EARNINGS PER SHARE
Published on
Pitney Bowes Inc. - Form 10-Q
Six Months Ended June 30, 1997
Page 17 of 19
Exhibit (i)
Pitney Bowes Inc.
Computation of Earnings per Share
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<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
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(Dollars in thousands, except per share data) 1997 1996 1997 1996
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Primary
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<S> <C> <C> <C> <C>
Net income applicable to common stock (1) .............. $ 131,071 $ 118,533 $ 251,015 $ 225,042
============ ============ ============ ============
Weighted average number of common shares outstanding ... 145,195,125 149,444,335 146,326,746 149,655,627
Preference stock, $2.12 cumulative convertible ......... 682,324 731,416 688,408 738,887
Stock option and purchase plans ........................ 1,057,637 769,363 1,015,534 777,022
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Total common and common equivalent shares outstanding .. 146,935,086 150,945,114 148,030,688 151,171,536
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Income per common and common equivalent share -
primary:
Net income ........................................ $ .89 $ .79 $ 1.70 $ 1.49
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Fully Diluted
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Net income ............................................. $ 131,071 $ 118,533 $ 251,016 $ 225,042
============ ============ ============ ============
Weighted average number of common shares outstanding ... 145,195,125 149,444,335 146,326,746 149,655,627
Preference stock, $2.12 cumulative convertible ......... 682,324 731,416 688,408 738,887
Stock option and purchase plans ........................ 1,122,023 803,981 1,071,351 846,838
Preferred stock, 4% cumulative convertible ............. 11,187 11,490 11,187 11,490
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Total common and common equivalent shares outstanding .. 147,010,659 150,991,222 148,097,692 151,252,842
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Income per common and common equivalent share-
fully diluted:
Net income ........................................ $ .89 $ .79 $ 1.69 $ 1.49
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<FN>
(1) Net income applicable to common stock was adjusted for preferred dividends.
</FN>
</TABLE>