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Exhibit 12
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31,
2014 2013 2012 2011 2010
Income from continuing operations
before income taxes $ 431,196 $ 383,954 $ 511,770 $ 465,616 $ 431,678
Add:
Interest expense (1) 174,661 195,836 196,368 203,061 203,911
Portion of rents representative of the
interest factor 18,367 22,259 22,564 25,893 25,270
Amortization of capitalized interest —— 973 1,535 1,716
Income as adjusted $ 624,224 $ 602,049 $ 731,675 $ 696,105 $ 662,575
Fixed charges:
Interest expense (1) $ 174,661 $ 195,836 $ 196,368 $ 203,061 $ 203,911
Portion of rents representative of the
interest factor 18,367 22,259 22,564 25,893 25,270
Noncontrolling interests (preferred
stock dividends of subsidiaries),
excluding taxes 29,878 27,841 27,841 27,507 29,790
Total fixed charges $ 222,906 $ 245,936 $ 246,773 $ 256,461 $ 258,971
Ratio of earnings to fixed charges (2) 2.80 2.45 2.96 2.71 2.56
(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.