EX-12 4 pbi-20130331ex12.htm EXHIBIT PBI-2013.03.31 Ex 12


Exhibit 12


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

 
Three Months Ended March 31,
(Dollars in thousands)
2013
 
2012
 
 
 
 
Income from continuing operations before income taxes
$
101,711

 
$
161,029

Add:
 
 
 
Interest expense (1)
50,614

 
50,506

Portion of rents representative of the interest factor
8,296

 
8,871

Amortization of capitalized interest
243

 
243

Income as adjusted
$
160,864

 
$
220,649

 
 
 
 
Fixed charges:
 
 
 
Interest expense (1)
$
50,614

 
$
50,506

Portion of rents representative of the interest factor
8,296

 
8,871

Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes
6,960

 
6,950

Total fixed charges
$
65,870

 
$
66,327

Ratio of earnings to fixed charges (2)
2.44
 
3.33
 
 
 
 
(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.