EXHIBIT 12.1
Published on February 28, 2014
Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, |
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2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
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Earnings: |
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Income from continuing operations before income taxes |
$ |
281,059 |
$ |
250,753 |
$ |
216,084 |
$ |
235,949 |
$ |
155,021 |
$ |
160,176 |
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Interest expense (excluding capitalized interest)(1)
|
38,301 |
46,847 |
47,797 |
44,165 |
46,280 |
50,421 |
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Portion of rent expense under long-term operating leases representative of an interest factor |
3,952 |
4,463 |
3,215 |
3,438 |
2,716 |
3,147 |
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Total earnings |
$ |
323,312 |
$ |
302,063 |
$ |
267,096 |
$ |
283,552 |
$ |
204,017 |
$ |
213,744 |
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Fixed charges: |
||||||||||||||||||
Interest expense (including capitalized interest)(1)
|
$ |
38,301 |
$ |
46,847 |
$ |
47,797 |
$ |
44,165 |
$ |
46,280 |
$ |
50,421 |
||||||
Portion of rent expense under long-term operating leases representative of an interest factor |
3,952 |
4,463 |
3,215 |
3,438 |
2,716 |
3,147 |
||||||||||||
Total fixed charges |
$ |
42,253 |
$ |
51,310 |
$ |
51,012 |
$ |
47,603 |
$ |
48,996 |
$ |
53,568 |
||||||
Ratio of earnings to fixed charges |
7.7 |
5.9 |
5.2 |
6.0 |
4.2 |
4.0 |
(1) Does not include interest expense related to uncertain tax positions.