Pitney Bowes (PBI) 10-K2008 FY Annual report

Filed: 26 Feb 09, 12:00am

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EXHIBIT (iv)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

(Dollars in thousands)


	Years ended December 31,

	2008		2007		2006		2005		2004

Income from continuing operations before income taxes and minority interest	$	713,177	$	660,711	$	914,490	$	811,668	$	608,390
Add:
Interest expense		229,343		250,540		228,418		193,174		161,650
Portion of rents representative of the interest factor		43,030		48,969		46,255		52,823		51,445
Amortization of capitalized interest		1,717		1,717		1,345		986		1,473

Income as adjusted	$	987,267	$	961,937	$	1,190,508	$	1,058,651	$	822,958

Fixed charges:
Interest expense	$	229,343	$	250,540	$	228,418	$	193,174	$	161,650
Portions of rents representative of the interest factor		43,030		48,969		46,255		52,823		51,445
Minority interest, excluding taxes, in the income of subsidiary with fixed charges		31,610		33,412		21,819		16,512		8,338

Total fixed charges	$	303,983	$	332,921	$	296,492	$	262,509	$	221,433


Ratio of earnings to fixed charges		3.25		2.89		4.02		4.03		3.72


(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.

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