PITNEY BOWES INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
EXHIBIT (i)
(Dollars in thousands, except share data)
Years Ended December 31,
1993 1992 1991 1990 1989
Income from continuing operations* . . . . . . . . $ 353,185 $ 312,165 $ 287,857 $ 206,646 $ 180,104
Discontinued operations. . . . . . . . . . . . . . - 2,700 7,440 6,646 6,609
Effect of accounting changes . . . . . . . . . . . - (214 631) - - 66,048
Net income . . . . . . . . . . . . . . . . . . . . $ 353,185 $ 100,234 $ 295,297 $ 213,292 $ 252,761
Weighted average number of common
shares outstanding. . . . . . . . . . . . . . . . 157,766,700 157,562,020 158,180,010 157,379,940 156,268,512
Preference stock, $2.12 cumulative convertible . . 905,231 1,085,684 1,386,566 1,613,714 1,824,008
Stock option and purchase plans. . . . . . . . . . 696,721 581,782 371,838 232,180 520,650
Convertible loan stock . . . . . . . . . . . . . . - 5,926 16,266 23,926 32,922
Total common and common equivalent
shares outstanding. . . . . . . . . . . . . . . . 159,368,652 159,235,412 159,954,680 159,249,760 158,646,092
Income per common and common equivalent share - primary:
Continuing operations . . . . . . . . . . . . . . $ 2.22 $ 1.96 $ 1.80 $ 1.30 $ 1.14
Discontinued operations . . . . . . . . . . . . . - .02 .05 .04 .04
Effect of accounting changes. . . . . . . . . . . - (1.35) - - .41
Net income. . . . . . . . . . . . . . . . . . . . $ 2.22 $ .63 $ 1.85 $ 1.34 $ 1.59
Income from continuing operations* . . . . . . . . $ 353,189 $ 312,169 $ 287,861 $ 206,654 $ 180,116
Discontinued operations. . . . . . . . . . . . . . - 2,700 7,440 6,646 6,609
Effect of accounting changes . . . . . . . . . . . - (214,631) - - 66,048
Net income . . . . . . . . . . . . . . . . . . . . $ 353,189 $ 100,238 $ 295,301 $ 213,300 $ 252,773
Weighted average number of common
shares outstanding. . . . . . . . . . . . . . . . 157,766,700 157,562,020 158,180,010 157,379,940 156,268,512
Preference stock, $2.12 cumulative convertible . . 905,231 1,085,684 1,386,566 1,613,714 1,824,008
Stock option and purchase plans. . . . . . . . . . 706,981 606,915 410,102 245,294 541,098
Convertible loan stock . . . . . . . . . . . . . . - 5,926 16,266 23,926 32,922
Preferred stock, 4% cumulative convertible . . . . 23,464 26,409 28,930 37,862 63,970
Convertible debentures . . . . . . . . . . . . . . - - - 15,800 15,800
Total common and common equivalent
shares outstanding. . . . . . . . . . . . . . . . 159,402,376 159,286,954 160,021,874 159,316,536 158,746,310
Income per common and common equivalent share - fully diluted:
Continuing operations . . . . . . . . . . . . . . $ 2.22 $ 1.96 $ 1.80 $ 1.30 $ 1.14
Discontinued operations . . . . . . . . . . . . . - .02 .05 .04 .04
Effect of accounting changes. . . . . . . . . . . (1.35) - - .41
Net income. . . . . . . . . . . . . . . . . . . . $ 2.22 $ .63 $ 1.85 $ 1.34 $ 1.59
<FN>
* Income from continuing operations was adjusted for preferred dividends and interest on convertible debt.