Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 22, 2013



Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
Year Ended December 31,
 
2012

2011

2010

2009

2008

2007

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
250,753

$
216,084

$
235,949

$
155,021

$
160,176

$
220,015

 
 
 
 
 
 
 
Interest expense (excluding capitalized interest)(1)
46,847

47,797

44,165

46,280

50,421

55,294

 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
4,463

3,215

3,438

2,716

3,147

2,900

 
 
 
 
 
 
 
Total earnings
$
302,063

$
267,096

$
283,552

$
204,017

$
213,744

$
278,209

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
$
46,847

$
47,797

$
44,165

$
46,280

$
50,421

$
55,294

 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
4,463

3,215

3,438

2,716

3,147

2,900

 
 
 
 
 
 
 
Total fixed charges
$
51,310

$
51,012

$
47,603

$
48,996

$
53,568

$
58,194

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.9

5.2

6.0

4.2

4.0

4.8


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