EX-12 9 pbi-20170930ex12.htm EXHIBIT 12 Exhibit


Exhibit 12


PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)

 
Nine Months Ended September 30,
 
2017
 
2016
Income from continuing operations before income taxes
$
225,367

 
$
286,495

Add:
 
 
 
Interest expense
125,265

 
106,901

Portion of rent expense representative of the interest factor
12,182

 
11,601

Income as adjusted
$
362,814

 
$
404,997

 
 
 
 
Fixed charges:
 
 
 
Interest expense
$
125,265

 
$
106,901

Portion of rent expense representative of the interest factor
12,182

 
11,601

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

 
22,390

Total fixed charges
$
137,447

 
$
140,892

 
 
 
 
Ratio of earnings to fixed charges
2.64
 
2.87
 
 
 
 
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.