Pitney Bowes Inc. - Form 10-Q Pitney Bowes Inc.
Nine Months Ended September 30, 1996 Computation of Earnings per Share Exhibit (i)
Page 17 of 19
Three Months Ended Nine Months Ended
September 30, September 30,
(Dollars in thousands, except per share data) 1996 1995 1996 1995
Primary
Income from continuing operations (1) $ 116,705 $ 100,740 $ 341,746 $ 295,077
Discontinued operations - 154,434 - 175,431
Net income applicable to common stock $ 116,705 $ 255,174 $ 341,746 $ 470,508
Weighted average number of common shares
outstanding 148,844,925 151,524,929 149,385,408 151,263,445
Preference stock, $2.12 cumulative convertible 720,902 774,412 733,008 792,100
Stock option and purchase plans 672,892 555,571 748,242 337,783
Total common and common equivalent shares
outstanding 150,238,719 152,854,912 150,866,658 152,393,328
Income per common and common equivalent share -
primary:
Continuing operations $ .78 $ .66 $ 2.27 $ 1.94
Discontinued operations - 1.01 - 1.15
Net income $ .78 $ 1.67 $ 2.27 $ 3.09
Fully Diluted
Income from continuing operations $ 116,705 $ 100,740 $ 341,747 $ 295,078
Discontinued operations - 154,434 - 175,431
Net income applicable to common stock $ 116,705 $ 255,174 $ 341,747 $ 470,509
Weighted average number of common shares
outstanding 148,844,925 151,524,929 149,385,408 151,263,445
Preference stock, $2.12 cumulative convertible 720,902 774,412 733,008 792,100
Stock option and purchase plans 736,864 561,119 809,917 364,667
Preferred stock, 4% cumulative convertible 11,490 11,490 11,490 11,514
Total common and common equivalent shares
outstanding 150,314,181 152,871,950 150,939,823 152,431,726
Income per common and common equivalent share -
fully diluted:
Continuing operations $ .78 $ .66 $ 2.26 $ 1.94
Discontinued operations - 1.01 - 1.15
Net income $ .78 $ 1.67 $ 2.26 $ 3.09
[FN]
(1) Income from continuing operations was adjusted for preferred dividends.