RE COMPUTATION OF PER SHARE EARNINGS
Published on
Pitney Bowes Inc. - Form 10-Q
Nine Months Ended September 30, 1997
Page 18 of 20
<TABLE>
Exhibit (ii)
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Pitney Bowes Inc.
Computation of Earnings per Share
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<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
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(Dollars in thousands, except per share data) 1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Primary
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Net income applicable to common stock (1) .................. $ 127,805 $ 116,705 $ 378,820 $ 341,746
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Weighted average number of common shares outstanding ....... 143,640,951 148,844,925 145,464,280 149,385,408
Preference stock, $2.12 cumulative convertible ............. 671,170 720,902 682,661 733,008
Stock option and purchase plans ............................ 1,271,443 672,892 1,103,172 748,242
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Total common and common equivalent shares outstanding ...... 145,583,564 150,238,719 147,250,113 150,866,658
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Net income per common and common equivalent share ........ $ .88 $ .78 $ 2.57 $ 2.27
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Fully Diluted
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Net income ................................................. $ 127,805 $ 116,705 $ 378,821 $ 341,747
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Weighted average number of common shares outstanding ....... 143,640,951 148,844,925 145,464,280 149,385,408
Preference stock, $2.12 cumulative convertible ............. 671,170 720,902 682,661 733,008
Stock option and purchase plans ............................ 1,297,464 736,864 1,152,652 809,917
Preferred stock, 4% cumulative convertible ................. 10,872 11,490 11,053 11,490
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Total common and common equivalent shares outstanding ...... 145,620,457 150,314,181 147,310,646 150,939,823
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Net income per common and common equivalent share ........ $ .88 $ .78 $ 2.57 $ 2.26
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<FN>
(1) Net income applicable to common stock was adjusted for preferred dividends.
</FN>
</TABLE>