EX-12: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on
Exhibit (12)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
| Three Months Ended March 31, | ||||||||
| (Dollars in thousands) | 2005 | 2004 | ||||||
Income before income taxes |
$ | 227,769 | $ | 186,021 | ||||
Add: |
||||||||
Interest expense |
46,367 | 41,472 | ||||||
Portion of rents representative
of the interest factor |
13,930 | 13,215 | ||||||
Amortization of capitalized
interest |
369 | 369 | ||||||
Minority interest in the income of
subsidiary with fixed charges |
1,758 | 910 | ||||||
Income as adjusted |
$ | 290,193 | $ | 241,987 | ||||
Fixed charges: |
||||||||
Interest expense |
$ | 46,367 | $ | 41,472 | ||||
Portion of rents representative
of the interest factor |
13,930 | 13,215 | ||||||
Minority interest, excluding taxes, in the
income of subsidiary with fixed charges |
2,677 | 1,337 | ||||||
Total fixed charges |
$ | 62,974 | $ | 56,024 | ||||
Ratio of earnings to fixed charges |
4.61 | 4.32 | ||||||
| (1) | The computation of the ratio of earnings to fixed charges has been computed by dividing income before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest. |