STATEMENT RE COMPUTATION OF RATIOS
Published on
Exhibit (12)
<TABLE>
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
-----------------------------------------------------
(Dollars in thousands)
<CAPTION>
Three Months Ended March 31,
----------------------------
1999 1998 (2)
--------- ---------
<S> <C> <C>
Income from continuing
operations before income taxes... $215,080 $193,539
Add:
Interest expense...................................... 48,151 37,370
Portion of rents
representative of the
interest factor..................................... 10,935 10,207
Amortization of capitalized
interest............................................ 243 243
Minority interest
in the income of
subsidiary with
fixed charges....................................... 2,873 3,059
----- -----
Income as adjusted...................................... $ 277,282 $244,418
========= ========
Fixed charges:
Interest expense...................................... $ 48,151 $ 37,370
Portion of rents
representative of the
interest factor..................................... 10,935 10,207
Minority interest, excluding
taxes, in the income of
subsidiary with fixed
charges............................................. 4,343 4,664
----- -----
Total fixed charges..................................... $ 63,429 $ 52,241
======== ========
Ratio of earnings to fixed
charges............................................... 4.37 4.68
==== ====
Ratio of earnings to fixed
charges excluding minority
interest........................................... 4.64 5.07
==== ====
<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.
(2) Amounts recomputed to reflect CPLC in discontinued operations.
</FN>
</TABLE>