Exhibit (12)
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||
| Income from continuing operations before income taxes | ||||||||||||
| and minority interest | $ | 239,965 | $ | 220,573 | $ | 471,001 | $ | 433,929 | ||||
| Add: | ||||||||||||
| Interest expense | 66,437 | 56,833 | 125,042 | 112,193 | ||||||||
| Portion of rents representative | ||||||||||||
| of the interest factor | 11,845 | 11,769 | 23,338 | 23,450 | ||||||||
| Amortization of capitalized | ||||||||||||
| interest | 429 | 243 | 858 | 486 | ||||||||
| Income as adjusted | $ | 318,676 | $ | 289,418 | $ | 620,239 | $ | 570,058 | ||||
| Fixed charges: | ||||||||||||
| Interest expense | $ | 66,437 | $ | 56,833 | $ | 125,042 | $ | 112,193 | ||||
| Portion of rents representative | ||||||||||||
| of the interest factor | 11,845 | 11,769 | 23,338 | 23,450 | ||||||||
| Minority interest, excluding taxes, in the | ||||||||||||
| income of subsidiary with fixed charges | 7,267 | 5,748 | 14,510 | 10,117 | ||||||||
| Total fixed charges | $ | 85,549 | $ | 74,350 | $ | 162,890 | $ | 145,760 | ||||
| Ratio of earnings to fixed charges | 3.73 | 3.89 | 3.81 | 3.91 | ||||||||
| (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. |