EX-12 3 pbi20121231ex12.htm EXHIBIT 12 PBI 2012.12.31 Ex 12


Exhibit (12)


PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
Years Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
604,613

 
$
486,541

 
$
556,189

 
$
676,771

 
$
701,213

Add:
 
 
 
 
 
 
 
 
 
Interest expense (1)
196,368

 
203,061

 
203,911

 
208,855

 
229,343

Portion of rents representative of the interest factor
33,438

 
38,968

 
39,219

 
41,499

 
43,030

Amortization of capitalized interest
973

 
1,535

 
1,716

 
1,716

 
1,717

Income as adjusted
$
835,392

 
$
730,105

 
$
801,035

 
$
928,841

 
$
975,303

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
196,368

 
$
203,061

 
$
203,911

 
$
208,855

 
$
229,343

Portion of rents representative of the interest factor
33,438

 
38,968

 
39,219

 
41,499

 
43,030

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
27,841

 
27,507

 
29,790

 
32,851

 
31,610

Total fixed charges
$
257,647

 
$
269,536

 
$
272,920

 
$
283,205

 
$
303,983

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
3.24
 
2.71
 
2.94
 
3.28
 
3.21
(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.