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Exhibit (12)
Pitney Bowes Inc.
Computation of Ratio of Earnings to Fixed Charges (1)
Three Months Ended March 31, | ||||||||
(Dollars in thousands) | 2005 | 2004 | ||||||
Income before income taxes | $ | 227,769 | $ | 186,021 | ||||
Add: | ||||||||
Interest expense | 46,367 | 41,472 | ||||||
Portion of rents representative of the interest factor | 13,930 | 13,215 | ||||||
Amortization of capitalized interest | 369 | 369 | ||||||
Minority interest in the income of subsidiary with fixed charges | 1,758 | 910 | ||||||
Income as adjusted | $ | 290,193 | $ | 241,987 | ||||
Fixed charges: | ||||||||
Interest expense | $ | 46,367 | $ | 41,472 | ||||
Portion of rents representative of the interest factor | 13,930 | 13,215 | ||||||
Minority interest, excluding taxes, in the income of subsidiary with fixed charges | 2,677 | 1,337 | ||||||
Total fixed charges | $ | 62,974 | $ | 56,024 | ||||
Ratio of earnings to fixed charges | 4.61 | 4.32 | ||||||
(1) | The computation of the ratio of earnings to fixed charges has been computed by dividing income before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest. |