COMPUTATION OF RATIOS
Published on
<TABLE>
Exhibit (12)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
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<CAPTION>
(Dollars in thousands) Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
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<S> <C> <C> <C> <C>
Income from continuing operations
before income taxes .................................. $ 212,339 $ 189,303 $ 618,466 $ 562,928
Add:
Interest expense ..................................... 40,991 41,163 122,583 123,870
Portion of rents
representative of the
interest factor .................................... 11,038 13,252 33,517 34,145
Amortization of capitalized
interest ........................................... 243 243 730 730
Minority interest in the
income of subsidiary
with fixed charges ................................. 3,074 3,153 9,203 8,184
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Income as adjusted ..................................... $ 267,685 $ 247,114 $ 784,499 $ 729,857
=============== =============== =============== ===============
Fixed charges:
Interest expense ..................................... $ 40,991 $ 41,163 $ 122,583 $ 123,870
Portion of rents
representative of the
interest factor .................................... 11,038 11,319 33,517 33,872
Minority interest, excluding
taxes, in the income of
subsidiary with fixed charges ...................... 4,689 4,807 14,035 12,487
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$ 56,718 $ 57,289 $ 170,135 $ 170,229
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Ratio of earnings to
fixed charges ........................................ 4.72 4.31 4.61 4.29
=============== =============== =============== ===============
Ratio of earnings to fixed
charges excluding minority
interest ............................................. 5.09 4.65 4.97 4.58
=============== =============== =============== ===============
<FN>
(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing
operations before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental
expense as the representative portion of interest.
</FN>
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