Pitney Bowes 2012 Annual Report Download - page 105

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Exhibit (12)
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31,
2012 2011 2010 2009 2008
Income from continuing operations
before income taxes $ 604,613 $ 486,541 $ 556,189 $ 676,771 $ 701,213
Add:
Interest expense (1) 196,368 203,061 203,911 208,855 229,343
Portion of rents representative of the
interest factor 33,438 38,968 39,219 41,499 43,030
Amortization of capitalized interest 973 1,535 1,716 1,716 1,717
Income as adjusted $ 835,392 $ 730,105 $ 801,035 $ 928,841 $ 975,303
Fixed charges:
Interest expense (1) $ 196,368 $ 203,061 $ 203,911 $ 208,855 $ 229,343
Portion of rents representative of the
interest factor 33,438 38,968 39,219 41,499 43,030
Noncontrolling interests (preferred
stock dividends of subsidiaries),
excluding taxes 27,841 27,507 29,790 32,851 31,610
Total fixed charges $ 257,647 $ 269,536 $ 272,920 $ 283,205 $ 303,983
Ratio of earnings to fixed charges (2) 3.24 2.71 2.94 3.28 3.21
(1) Interest expense includes both financing interest expense and other interest expense.
(2) 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.