EXHIBIT 12.1
Published on February 19, 2016
Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, |
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2015 |
2014 |
2013 |
2012 |
2011 |
2010 |
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Earnings: |
||||||||||||||||||
Income from continuing operations before income taxes |
$ |
327,947 |
$ |
297,181 |
$ |
281,059 |
$ |
250,753 |
$ |
216,084 |
$ |
235,949 |
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Interest expense (excluding capitalized interest)(1)
|
20,299 |
36,529 |
38,301 |
46,847 |
47,797 |
44,165 |
||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor |
5,124 |
4,366 |
3,952 |
4,463 |
3,215 |
3,438 |
||||||||||||
Total earnings |
$ |
353,370 |
$ |
338,076 |
$ |
323,312 |
$ |
302,063 |
$ |
267,096 |
$ |
283,552 |
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Fixed charges: |
||||||||||||||||||
Interest expense (including capitalized interest)(1)
|
$ |
20,299 |
$ |
36,529 |
$ |
38,301 |
$ |
46,847 |
$ |
47,797 |
$ |
44,165 |
||||||
Portion of rent expense under long-term operating leases representative of an interest factor |
5,124 |
4,366 |
3,952 |
4,463 |
3,215 |
3,438 |
||||||||||||
Total fixed charges |
$ |
25,423 |
$ |
40,895 |
$ |
42,253 |
$ |
51,310 |
$ |
51,012 |
$ |
47,603 |
||||||
Ratio of earnings to fixed charges |
13.9 |
8.3 |
7.7 |
5.9 |
5.2 |
6.0 |
(1) Does not include interest expense related to uncertain tax positions.