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PBI » Topics » PITNEY BOWES INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

This excerpt taken from the PBI 10-Q filed May 7, 2009.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

 

 

 

 

 

 

 

 

(Dollars in thousands)

 

Three Months Ended March 31,

 

 

 

 

 

 

2009

 

2008

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

178,449

 

$

203,280

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

Interest expense

 

 

52,203

 

 

61,767

 

Portion of rents representative of the interest factor

 

 

9,833

 

 

11,045

 

Amortization of capitalized interest

 

 

429

 

 

429

 

 

 

 

 

 

Income as adjusted

 

$

240,914

 

$

276,521

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

Interest expense

 

$

52,203

 

$

61,767

 

Portion of rents representative of the interest factor

 

 

9,833

 

 

11,045

 

 

 

 

 

 

 

 

 

Noncontrolling interests (Preferred stock dividends of subsidiaries), excluding taxes

 

 

7,589

 

 

7,635

 

 

 

 

 

 

Total fixed charges

 

$

69,625

 

$

80,447

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.46

 

 

3.44

 

 

 

 

 

 

 

(1)

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 rental expense as the representative portion of interest.

38

This excerpt taken from the PBI 10-Q filed Nov 7, 2008.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

    Three Months Ended   Nine Months Ended
(Dollars in thousands)   September 30,   September 30,
    2008   2007   2008   2007
 
Income from continuing operations before income taxes and                        
 minority interest (preferred stock dividends of subsidiaries)   $ 176,288   $ 207,374   $ 586,090   $ 678,375
 
Add:                        
 Interest expense     57,738     65,181     177,195     190,223
 Portion of rents representative of the interest factor     10,566     12,289     32,877     35,627
 Amortization of capitalized interest     430     429     1,288     1,287
 
Income as adjusted   $ 245,022   $ 285,273   $ 797,450   $ 905,512
 
Fixed charges:                        
 Interest expense   $ 57,738   $ 65,181   $ 177,195   $ 190,223
 Portion of rents representative of the interest factor     10,566     12,289     32,877     35,627
 Minority interest (preferred stock dividends of subsidiaries),                        
   excluding taxes     10,792     7,518     25,508     22,018
 
Total fixed charges   $ 79,096   $ 84,988   $ 235,580   $ 247,868
 
Ratio of earnings to fixed charges     3.10     3.36     3.39     3.65

(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and minority interest as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.

 

This excerpt taken from the PBI 10-Q filed Aug 7, 2008.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

      Three Months Ended     Six Months Ended
(Dollars in thousands)     June 30,     June 30,
      2008               2007               2008               2007
 
Income from continuing operations before income taxes and                        
 minority interest (preferred stock dividends of subsidiaries)   $    206,522   $    239,965   $    409,802   $    471,001
 
Add:                        
 Interest expense     57,689     66,437     119,457     125,042
 Portion of rents representative of the interest factor     11,265     9,764     22,311     18,937
 Amortization of capitalized interest     429     429     858     858
 
Income as adjusted   $ 275,905   $ 316,595   $ 552,428   $ 615,838
 
Fixed charges:                        
 Interest expense   $ 57,689   $ 66,437   $ 119,457   $ 125,042
 Portion of rents representative of the interest factor     11,265     9,764     22,311     18,937
 Minority interest (preferred stock dividends of subsidiaries),                        
   excluding taxes     7,275     7,267     14,900     14,510
 
Total fixed charges   $ 76,229   $ 83,468   $ 156,668   $ 158,489
 
Ratio of earnings to fixed charges     3.62     3.79     3.53     3.89

(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and minority interest as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.

 

37

This excerpt taken from the PBI 10-Q filed May 8, 2008.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

      Three Months Ended
(Dollars in thousands)     March 31,  
      2008               2007  
 
 Income from continuing operations before income taxes and minority interest (preferred stock dividends in subsidiaries)   $  203,280   $ 231,036  
 
 Add:              
   Interest expense     61,767     58,605  
   Portion of rents representative of the interest factor     11,045     9,173  
   Amortization of capitalized interest     429     429  
 
 Income as adjusted   $    276,521   $    299,243  
 
 Fixed charges:              
   Interest expense   $ 61,767   $ 58,605  
   Portion of rents representative of the interest factor     11,045     9,173  
   Minority interest (preferred stock dividends in subsidiaries), excluding taxes     7,635     7,246  
 
 Total fixed charges   $ 80,447   $ 75,024  
 
 Ratio of earnings to fixed charges     3.44     3.99  

(1)

The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and preferred dividends as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.
 
30

This excerpt taken from the PBI 10-Q filed Nov 8, 2007.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

   
Three Months Ended 
    
Nine Months Ended
   
September 30, 
   
September 30, 
   
2007 
    2006      2007      2006 
Income from continuing operations before                       
     income taxes and minority interest 
$
 207,374   
$
 225,445  
$
 678,375   
$
 659,374
Add:                       
Interest expense    65,181      59,525      190,223      171,718 
Portion of rents representative                       
     of the interest factor    12,289      11,694      35,627      35,143 
Amortization of capitalized                       
     interest    429      243      1,287      729 
Income as adjusted 
$
 285,273  
$
 296,907  
$
 905,512   
$
 866,964 
Fixed charges:                       
     Interest expense 
$
 65,181  
$
 59,525     $ 190,223   
$
 171,718
     Portion of rents representative                       
         of the interest factor    12,289      11,694      35,627      35,143 
     Minority interest, excluding taxes, in the                       
         income of subsidiary with fixed charges 
 
 7,518      5,569      22,018      15,700 
Total fixed charges  $ 84,988   
$
 76,788  
$
 247,868   
$
 222,561 
Ratio of earnings to fixed charges    3.36      3.87      3.65      3.90 

(1)      The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and minority interest as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.
 

36

This excerpt taken from the PBI 10-Q filed Aug 6, 2007.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

   
Three Months Ended
     
Six Months Ended
   
June 30,
 
June 30,
   
2007
     
2006
 
2007
     
2006
 
Income from continuing operations before income taxes                        
   and minority interest  
$
          239,965  
$
          220,573   $           471,001  
$
          433,929
 
Add:  
                   
 Interest expense  
66,437     56,833     125,042     112,193
 Portion of rents representative  
                   
   of the interest factor  
11,845     11,769     23,338     23,450
 Amortization of capitalized  
                   
   interest  
 
429
    243  
 
858
    486
 
Income as adjusted  
$
318,676
 
$
289,418  
$
620,239
 
$
570,058
 
Fixed charges:  
                   
 Interest expense  
$
66,437  
$
56,833   $ 125,042  
$
112,193
 Portion of rents representative                        
   of the interest factor     11,845     11,769     23,338     23,450
 Minority interest, excluding taxes, in the                        
   income of subsidiary with fixed charges  
 
7,267
    5,748  
 
14,510
    10,117
 
Total fixed charges  
$
85,549
 
$
74,350   $ 162,890  
$
145,760
 
Ratio of earnings to fixed charges  
 
3.73
    3.89  
 
3.81
    3.91

(1)       

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 rental expense as the representative portion of interest.
 

 

This excerpt taken from the PBI 10-Q filed May 4, 2007.

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

    Three Months Ended
    March 31,
    2007   2006
 
Income from continuing operations before income taxes and minority interest   $  231,036   $ 213,356
 
Add:            
 Interest expense     58,605     55,360
 Portion of rents representative of the interest factor     11,493     11,481
 Amortization of capitalized interest     429     243
 Minority interest, excluding taxes, in the income of subsidiary with fixed charges     4,746     2,917
 
Income as adjusted   $ 306,309   $ 283,357
 
Fixed charges:            
 Interest expense   $ 58,605   $ 55,360
 Portion of rents representative of the interest factor     11,493     11,481
 Minority interest, excluding taxes, in the income of subsidiary with fixed charges     7,246     4,453
 
Total fixed charges   $ 77,344   $ 71,294
 
Ratio of earnings to fixed charges     3.96     3.97

(1) The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes and minority interest as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.
 

EXCERPTS ON THIS PAGE:

10-Q
May 7, 2009
10-Q
Nov 7, 2008
10-Q
Aug 7, 2008
10-Q
May 8, 2008
10-Q
Nov 8, 2007
10-Q
Aug 6, 2007
10-Q
May 4, 2007
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