Pitney Bowes (PBI) 10-Q 2007 Q2 Quarterly report

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.