Exhibit 12.2

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
AND PREFERENCE STOCK
DIVIDENDS(1)

<TABLE>

Six Months Ended
June 30, Years Ended December 31,
----------------------- --------------------------------------------------------------

2001 2000(2) 2000(2) 1999(2) 1998(2) 1997(2) 1996(2)
---- ------- ------- ------- ------- ------- -------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Income from continuing
operations before
income taxes....................... $447,135 $408,196 $802,848 $823,942 $658,662 $605,788 $520,785
Add:
Interest expense................. 99,126 98,967 200,957 175,699 156,284 157,322 161,222
Portion of rents
representative of
the interest factor............. 21,345 21,339 34,512 33,042 36,403 38,284 39,634
Amortization of
capitalized interest............ 486 486 973 973 973 914 914
Minority interest in
the income of
subsidiary with
fixed charges................... 6,009 6,825 14,237 12,033 12,425 11,322 8,121
----- ----- ------ ------ ------ ------ -----
Income as adjusted.................. $574,101 $ 535,813 $1,053,527 $1,045,689 $864,747 $813,630 $730,676
======== ========= ========== ========== ======== ======== ========
Fixed charges:
Interest expense............... $99,126 $ 98,967 $200,957 $175,699 $156,284 $157,322 $161,222
Capitalized interest............. - 1,513 2,383 1,316 - - 1,201

Preferred and Preference dividends... 104 104 200 221 245 268 274
Portion of rents
representative of
the interest factor............. 21,345 21,339 34,512 33,042 36,403 38,284 39,634
Minority interest,
excluding taxes, in
the income of
subsidiary with
fixed charges................... 9,208 9,958 20,298 17,610 18,468 16,856 11,391
----- ----- ------ ------ ------ ------ ------
$129,783 $131,881 $258,350 $227,888 $211,400 $212,730 $213,722
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to
fixed charges...................... 4.42 4.06 4.08 4.59 4.09 3.82 3.42
Ratio of earnings to
fixed charges
excluding minority
interest........................... 4.71 4.34 4.37 4.92 4.42 4.10 3.57
<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 reclassified to reflect Office Systems, CPLC and AMIC as
discontinued operations. Interest expense and the portion of rents
representative of the interest factor of these discontinued operations
have been excluded from fixed charges in the computation.

Including these amounts in fixed charges, the ratio of earnings to fixed
charges would be 4.27, 3.94, 3.94, 4.36, 3.56, 3.74 and 3.39 for the six
months ended June 30, 2001 and 2000 and the years ended December 31,
2000, 1999, 1998, 1997, and 1996, respectively. The ratio of earnings to
fixed charges excluding minority interest would be 4.53, 4.19, 4.21,
4.65, 3.78, 4.00 and 3.54 for the six months ended June 30, 2001 and
2000 and the years ended December 31, 2000, 1999, 1998, 1997, and 1996,
respectively.
</FN>
</TABLE>