EXHIBIT (12)

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

	Years ended December 31,
	2011		2010		2009		2007		2006
Income from continuing operations before income taxes	$	414,281	$	534,577	$	693,176	$	713,177	$	660,711
Add:
Interest expense (2)		203,061		203,911		208,855		229,343		250,540
Portion of rents representative of the interest factor		38,968		39,219		41,499		43,030		48,969
Amortization of capitalized interest		1,535		1,716		1,716		1,717		1,717
Income as adjusted	$	657,845	$	779,423	$	945,246	$	987,267	$	961,937
Fixed charges:
Interest expense (2)	$	203,061	$	203,911	$	208,855	$	229,343	$	250,540
Portion of rents representative of the interest factor		38,968		39,219		41,499		43,030		48,969
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		27,507		29,790		32,851		31,610		33,412
Total fixed charges	$	269,536	$	272,920	$	283,205	$	303,983	$	332,921
Ratio of earnings to fixed charges		2.44		2.86		3.34		3.25		2.89

(1) 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 rental expense as the representative portion of interest.

(2) Interest expense includes both financing interest expense and other interest expense.