PITNEY BOWES INC. EXHIBIT (i)
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands, except share data) Years Ended December 31,
1994 1993(1) 1992(1) 1991(1) 1990(1)
Primary
Income from continuing operations(2) $ 348,428 $ 305,690 $ 260,736 $ 242,649 $ 159,155
Discontinued operations 45,161 47,495 54,129 52,648 54,137
Effect of accounting changes (119,532) - (214,631) - -
Net income $ 274,057 $ 353,185 $ 100,234 $ 295,297 $ 213,292
Weighted average number of common shares
outstanding 156,459,437 157,766,700 157,562,020 158,180,010 157,379,940
Preference stock, $2.12
cumulative convertible 847,430 905,231 1,085,684 1,386,566 1,613,714
Stock option and purchase plans 421,761 696,721 581,782 371,838 232,180
Convertible loan stock - - 5,926 16,266 23,926
Total common and common equivalent shares
outstanding 157,728,628 159,368,652 159,235,412 159,954,680 159,249,760
Income per common and common equivalent share - primary:
Continuing operations $ 2.21 $ 1.92 $ 1.64 $ 1.52 $ 1.00
Discontinued operations .29 .30 .34 .33 .34
Effect of accounting changes (.76) - (1.35) - -
Net income $ 1.74 $ 2.22 $ .63 $ 1.85 $ 1.34
Fully Diluted
Income from continuing operations(2) $ 348,430 $ 305,694 $ 260,740 $ 242,653 $ 159,163
Discontinued operations 45,161 47,495 54,129 52,648 54,137
Effect of accounting changes (119,532) - (214,631) - -
Net income $ 274,059 $ 353,189 $ 100,238 $ 295,301 $ 213,300
Weighted average number of common shares
outstanding 156,459,437 157,766,700 157,562,020 158,180,010 157,379,940
Preference stock, $2.12
cumulative convertible 847,430 905,231 1,085,684 1,386,566 1,613,714
Stock option and purchase plans 439,756 706,981 606,915 410,102 245,294
Convertible loan stock - - 5,926 16,266 23,926
Preferred stock, 4% cumulative convertible 14,265 23,464 26,409 28,930 37,862
Convertible debentures - - - - 15,800
Total common and common equivalent shares
outstanding 157,760,888 159,402,376 159,286,954 160,021,874 159,316,536
Income per common and common equivalent share - fully diluted:
Continuing operations $ 2.21 $ 1.92 $ 1.64 $ 1.52 $ 1.00
Discontinued operations .29 .30 .34 .33 .34
Effect of accounting changes (.76) - (1.35) - -
Net income $ 1.74 $ 2.22 $ .63 $ 1.85 $ 1.34
<FN>
(1) Reclassified to reflect discontinued operations.
(2) Income from continuing operations was adjusted for preferred dividends and
interest on convertible debt.