Pitney Bowes Credit Corporation - Form 10-Q
Three Months Ended March 31, 1996
Page 17 of 18
Exhibit (i)
Computation of Ratio of Earnings to Fixed Charges
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(Dollars in thousands)
Three Months Ended
March 31, Years Ended December 31,
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1996 1995 1995 1994 1993 1992 1991
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Income before income taxes. . . . . . $ 62,057 $ 52,465 $231,334 $218,913 $189,960 $185,704 $148,746
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Fixed charges:
Interest on debt . . . . . . . . . . 50,315 48,549 202,090 151,239 137,372 146,594 167,236
1/3 rental expense . . . . . . . . . 412 392 1,519 1,463 1,575 1,491 1,389
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Total fixed charges . . . . . . . . . 50,727 48,941 203,609 152,702 138,947 148,085 168,625
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Total . . . . . . . . . . . . . . . . $112,784 $101,406 $434,943 $371,615 $328,907 $333,789 $317,371
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Ratio of earnings to fixed
charges (1). . . . . . . . . . . . . 2.22X 2.07X 2.14X 2.43X 2.37X 2.25X 1.88X
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<FN>
(1) The ratio of earnings to fixed charges is computed by dividing income before income taxes and fixed
charges by fixed charges. Fixed charges consist of interest on debt and one-third rental expense as
representative of the interest portion of rentals.