Pitney Bowes 2009 Annual Report Download - page 115

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97
EXHIBIT (i)
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
(Dollars in thousands)
Years ended December 31,
2009 2008 2007 2006 2005
Income from continuing operations
before income taxes $ 693,176 $ 713,177 $ 660,711 $ 914,490 $ 811,668
Add:
Interest expense (2) 208,855 229,343 250,540 228,418 193,174
Portion of rents representative of the
interest factor 41,499 43,030 48,969 46,255 52,823
Amortization of capitalized interest 1,716 1,717 1,717 1,345 986
Income as adjusted $ 945,246 $ 987,267 $ 961,937 $ 1,190,508 $ 1,058,651
Fixed charges:
Interest expense (2) $ 208,855 $ 229,343 $ 250,540 $ 228,418 $ 193,174
Portion of rents representative of the
interest factor 41,499 43,030 48,969 46,255 52,823
Noncontrolling interests (preferred stock
dividends of subsidiaries), excluding taxes 32,851 31,610 33,412 21,819 16,512
Total fixed charges $ 283,205 $ 303,983 $ 332,921 $ 296,492 $ 262,509
Ratio of earnings to fixed charges 3.34 3.25 2.89 4.02 4.03
(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 incudes both financing interest expense and other interest expense.