Pitney Bowes 2010 Annual Report Download - page 116

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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,
2010 2009 2008 2007 2006
Income from continuing operations
before income taxes $ 534,577 $ 693,176 $ 713,177 $ 660,711 $ 914,490
Add:
Interest expense (2) 203,911 208,855 229,343 250,540 228,418
Portion of rents representative of the
interest factor 39,219 41,499 43,030 48,969 46,255
Amortization of capitalized interest 1,716 1,716 1,717 1,717 1,345
Income as adjusted $ 779,423 $ 945,246 $ 987,267 $ 961,937 $ 1,190,508
Fixed charges:
Interest expense (2) $ 203,911 $ 208,855 $ 229,343 $ 250,540 $ 228,418
Portion of rents representative of the
interest factor 39,219 41,499 43,030 48,969 46,255
Noncontrolling interests (preferred stock
dividends of subsidiaries), excluding taxes 29,790 32,851 31,610 33,412 21,819
Total fixed charges $ 272,920 $ 283,205 $ 303,983 $ 332,921 $ 296,492
Ratio of earnings to fixed charges 2.86 3.34 3.25 2.89 4.02
(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.