Exhibit (i)
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Pitney Bowes Credit Corporation
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Years Ended December 31
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1996 1995 1994 1993 1992
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Income before
income taxes $266,089 $231,334 $218,913 $189,960 $185,704
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Fixed charges:
Interest on debt 201,543 202,090 151,239 137,372 146,594
1/3 rental expense 1,530 1,519 1,463 1,575 1,491
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Total fixed charges 203,073 203,609 152,702 138,947 148,085
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Total $469,162 $434,943 $371,615 $328,907 $333,789
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Ratio of earnings
to fixed charges (1) 2.31X 2.14X 2.43X 2.37X 2.25X
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(1) The ratio of earnings to fixed charges has been 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.
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