Pitney Bowes 2013 Annual Report Download - page 105

Download and view the complete annual report

Please find page 105 of the 2013 Pitney Bowes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

Exhibit 12
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31,
2013 2012 2011 2010 2009
Income from continuing operations
before income taxes $ 403,177 $ 534,312 $ 491,486 $ 458,992 $ 555,658
Add:
Interest expense (1) 195,836 196,368 203,061 203,911 208,855
Portion of rents representative of the
interest factor 22,259 22,564 25,893 25,270 27,064
Amortization of capitalized interest —973 1,535 1,716 1,716
Income as adjusted $ 621,272 $ 754,217 $ 721,975 $ 689,889 $ 793,293
Fixed charges:
Interest expense (1) $ 195,836 $ 196,368 $ 203,061 $ 203,911 $ 208,855
Portion of rents representative of the
interest factor 22,259 22,564 25,893 25,270 27,064
Noncontrolling interests (preferred
stock dividends of subsidiaries),
excluding taxes 27,841 27,841 27,507 29,790 32,851
Total fixed charges $ 245,936 $ 246,773 $ 256,461 $ 258,971 $ 268,770
Ratio of earnings to fixed charges (2) 2.53 3.06 2.82 2.66 2.95
(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.