Exhibit (12)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

	Three Months Ended				Nine Months Ended
(Dollars in thousands)	September 30,				September 30,
	2008		2007		2008		2007
Income from continuing operations before income taxes and
minority interest (preferred stock dividends of subsidiaries)	$	176,288	$	207,374	$	586,090	$	678,375
Add:
Interest expense		57,738		65,181		177,195		190,223
Portion of rents representative of the interest factor		10,566		12,289		32,877		35,627
Amortization of capitalized interest		430		429		1,288		1,287
Income as adjusted	$	245,022	$	285,273	$	797,450	$	905,512
Fixed charges:
Interest expense	$	57,738	$	65,181	$	177,195	$	190,223
Portion of rents representative of the interest factor		10,566		12,289		32,877		35,627
Minority interest (preferred stock dividends of subsidiaries),
excluding taxes		10,792		7,518		25,508		22,018
Total fixed charges	$	79,096	$	84,988	$	235,580	$	247,868
Ratio of earnings to fixed charges		3.10		3.36		3.39		3.65

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