Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 19, 2016



Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
Year Ended December 31,
 
2015

2014

2013

2012

2011

2010

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
327,947

$
297,181

$
281,059

$
250,753

$
216,084

$
235,949

 
 
 
 
 
 
 
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

 
 
 
 
 
 
 
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.