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, | ||||||||||||||||||
| 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.