Form: S-3ASR

Automatic shelf registration statement of securities of well-known seasoned issuers

Documents

Exhibit 12
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
                                                 
                                            Three Months  
                                            Ended  
    Years ended December 31,     March 31,  
(Dollars in thousands)   2003     2004     2005     2006     2007     2008  
Income from continuing operations before income taxes and minority interest (preferred stock dividends of subsidiaries)
  $ 593,657     $ 608,390     $ 811,668     $ 914,490     $ 660,711     $ 203,280  
Add:
                                                
Interest expense
     166,856       161,650       193,174       228,418       250,540       61,767  
Portion of rents representative of the interest factor
     45,978       51,445       52,823       46,255       48,969       11,045  
Amortization of capitalized interest
     1,473       1,473       986       1,345       1,717       429  
 
                                    
Income as adjusted
   $ 807,964     $ 822,958     $ 1,058,651     $ 1,190,508     $ 961,937     $ 276,521  
 
                                    
 
                                                
Fixed charges:
                                                
Interest expense
   $ 166,856     $ 161,650     $ 193,174     $ 228,418     $ 250,540     $ 61,767  
Portions of rents representative of the interest factor
     45,978       51,445       52,823       46,255       48,969       11,045  
Minority interest (preferred stock dividends of subsidiaries), excluding taxes
     5,701       8,338       16,512       21,819       33,412       7,635  
 
                                    
Total fixed charges
   $ 218,535     $ 221,433     $ 262,509     $ 296,492     $ 332,921     $ 80,447  
 
                                    
 
                                                
Ratio of earnings to fixed charges
     3.70       3.72       4.03       4.02       2.89       3.44  
Ratio of earnings to fixed charges (exclusive of minority interest)
     3.80       3.86       4.30       4.33       3.21       3.80  
 
(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.