Pitney Bowes (PBI) 10-Q 2018 Q3 Quarterly report

Exhibit 12

PITNEY BOWES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Nine Months Ended September 30,
	2018		2017
Income from continuing operations before income taxes	$	159,882	$	183,022
Add:
Interest expense	130,448		125,265
Portion of rent expense representative of the interest factor	12,807		12,182
Income as adjusted	$	303,137	$	320,469
Fixed charges:
Interest expense	$	130,448	$	125,265
Portion of rent expense representative of the interest factor	12,807		12,182
Total fixed charges	$	143,255	$	137,447
Ratio of earnings to fixed charges	2.12		2.33

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 rent expense as the representative portion of interest.