Pitney Bowes (PBI) 10-Q2009 Q1 Quarterly report

Filed: 7 May 09, 12:00am

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New words: accuracy, accurate, Additionally, advertiser, aircraft, AOCI, APB, applicable, application, assisted, automobile, bankruptcy, BB, brought, Bulletin, clarify, constant, contingency, defendant, defensive, deficit, downgrade, DPPA, Driver, DriverSource, EITF, Emerging, employer, engineering, entitled, event, exam, face, fallen, Force, forecasted, function, guidance, hold, illustrate, inception, independent, injunction, inRine, intercompany, investigate, Japanese, jurisdiction, lawsuit, leaving, licensing, local, maintained, mandatory, minimum, mitigate, monthly, OCI, offshore, Orderly, par, percent, personal, pertaining, power, preservation, prevent, prolonged, properly, repaid, resident, retrospective, revealing, rollforward, SAB, sample, scope, scoped, seeking, settled, show, site, slowdown, spending, statutory, streamline, submitted, Task, tolerance, topic, UK, unanticipated, unsecured, unwound, usage, Utendahl, validate, validated, vary, violated, volatile, weighted, yen

Removed: acquire, apply, Asterion, began, Board, buyer, Cement, Computation, conclude, contract, converted, Corporation, deconsolidated, detail, determination, Docket, efficiency, examine, execute, finalized, half, indemnified, Indirect, interpret, Jersey, largely, leading, leverage, MapInfo, MDL, migration, organizational, outsourced, ownership, permitting, postage, posting, preliminary, presented, provision, ratio, recognize, regular, retain, return, Ricoh, SAS, slightly, target, technology, transactional, unrecognized, upgrade, weak, working

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Exhibit (12)

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


(Dollars in thousands)	Three Months Ended March 31,

	2009		2008


Income from continuing operations before income taxes	$	178,449	$	203,280

Add:
Interest expense		52,203		61,767
Portion of rents representative of the interest factor		9,833		11,045
Amortization of capitalized interest		429		429


Income as adjusted	$	240,914	$	276,521

Fixed charges:
Interest expense	$	52,203	$	61,767
Portion of rents representative of the interest factor		9,833		11,045

Noncontrolling interests (Preferred stock dividends of subsidiaries), excluding taxes		7,589		7,635


Total fixed charges	$	69,625	$	80,447


Ratio of earnings to fixed charges		3.46		3.44


(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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