EX-12 4 pbi20151231ex12.htm EXHIBIT 12
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.