Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 5, 2016



Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
 
Six Months Ended
June 30,
 
Year Ended December 31,
 
 
2016
 
2015

 
2014

 
2013

 
2012

 
2011

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
173,758

 
$
327,947

 
$
297,181

 
$
281,059

 
$
250,753

 
$
216,084

Interest expense (excluding capitalized interest)(1)
 
10,426

 
20,299

 
36,529

 
38,301

 
46,847

 
47,797

Portion of rent expense under long-term operating leases representative of an interest factor
 
2,838

 
5,124

 
4,366

 
3,952

 
4,463

 
3,215

Total earnings
 
$
187,022

 
$
353,370

 
$
338,076

 
$
323,312

 
$
302,063

 
$
267,096

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
 
$
10,426

 
$
20,299

 
$
36,529

 
$
38,301

 
$
46,847

 
$
47,797

Portion of rent expense under long-term operating leases representative of an interest factor
 
2,838

 
5,124

 
4,366

 
3,952

 
4,463

 
3,215

Total fixed charges
 
$
13,264

 
$
25,423

 
$
40,895

 
$
42,253

 
$
51,310

 
$
51,012

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
14.1

 
13.9

 
8.3

 
7.7

 
5.9

 
5.2


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