Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 31, 2012



Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
Nine Months Ended September 30,
Year Ended December 31,
 
2012
2011

2010

2009

2008

2007

2006

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
189,868

$
216,084

$
235,949

$
155,021

$
160,176

$
220,015

$
142,788

 
 
 
 
 
 
 
 
Interest expense (excluding capitalized interest)(1)
34,944

47,797

44,165

46,280

50,421

55,294

56,661

 
 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
3,269

3,215

3,438

2,716

3,147

2,900

3,526

 
 
 
 
 
 
 
 
Total earnings
$
228,081

$
267,096

$
283,552

$
204,017

$
213,744

$
278,209

$
202,975

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
$
34,944

$
47,797

$
44,165

$
46,280

$
50,421

$
55,294

$
57,051

 
 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
3,269

3,215

3,438

2,716

3,147

2,900

3,526

 
 
 
 
 
 
 
 
Total fixed charges
$
38,213

$
51,012

$
47,603

$
48,996

$
53,568

$
58,194

$
60,577

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.0

5.2

6.0

4.2

4.0

4.8

3.4


(1) Does not include interest expense related to uncertain tax positions.