EX-12 2 revpbi-20120630ex12.htm Rev PBI-2012.06.30 Ex 12


Exhibit (12)


PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in thousands)
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
156,488

 
$
159,176

 
$
315,179

 
$
293,350

Add:
 
 
 
 
 
 
 
 
Interest expense (1)
 
50,995

 
50,742

 
101,501

 
102,559

Portion of rents representative of the interest factor
 
9,042

 
9,257

 
17,914

 
19,063

Amortization of capitalized interest
 
243

 
429

 
486

 
858

Income as adjusted
 
$
216,768

 
$
219,604

 
$
435,080

 
$
415,830

 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
Interest expense (1)
 
$
50,995

 
$
50,742

 
$
101,501

 
$
102,559

Portion of rents representative of the interest factor
 
9,042

 
9,257

 
17,914

 
19,063

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
 
6,898

 
6,888

 
13,845

 
13,548

Total fixed charges
 
$
66,935

 
$
66,887

 
$
133,260

 
$
135,170

Ratio of earnings to fixed charges (2)
 
3.24
 
3.28
 
3.26
 
3.08
 
 
 
 
 
 
 
 
 
(1)
Interest expense includes both financing interest expense and other interest expense.

(2)
The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rent expense as the representative portion of interest.