Pitney Bowes 2015 Annual Report Download - page 108

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Exhibit 12
PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Years Ended December 31,
2015 2014 2013 2012 2011
Income from continuing operations
before income taxes $ 610,825 $ 431,196 $ 383,954 $ 511,770 $ 465,616
Add:
Interest expense (1) 162,909 174,661 195,836 196,368 203,061
Portion of rents representative of the
interest factor 15,807 18,367 22,259 22,564 25,893
Amortization of capitalized interest —— — 973 1,535
Income as adjusted $ 789,541 $ 624,224 $ 602,049 $ 731,675 $ 696,105
Fixed charges:
Interest expense (1) $ 162,909 $ 174,661 $ 195,836 $ 196,368 $ 203,061
Portion of rents representative of the
interest factor 15,807 18,367 22,259 22,564 25,893
Noncontrolling interests (preferred
stock dividends of subsidiaries),
excluding taxes 29,830 29,878 27,841 27,841 27,507
Total fixed charges $ 208,546 $ 222,906 $ 245,936 $ 246,773 $ 256,461
Ratio of earnings to fixed charges (2) 3.79 2.80 2.45 2.96 2.71
(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.