Exhibit 12.3
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Ended Years Ended December 31,
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June 30, 2000 1999 1998 1997 1996 1995 1994
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Earnings
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Income from Continuing Operations
before Income Taxes $126,661 $324,655 $242,915 $115,150 $118,765 $169,319 $246,706
Interest expense
(excluding capitalized interest) 7,248 8,506 8,273 8,822 10,649 13,099 9,733
Portion of rent expense under
long-term operating leases
representative of an interest factor 5,927 14,640 15,126 13,621 13,467 14,761 13,554
Amortization of debt expense 273 263 122 122 121 84 84
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TOTAL EARNINGS $140,109 $348,064 $266,436 $137,715 $143,002 $197,262 $270,077
Fixed charges
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Interest Expense
(including capitalized interest) 7,248 9,479 9,664 $9,742 $11,978 $14,714 $10,492
Portion of rent expense under
long-term operating leases
representative of an interest factor 5,927 14,640 15,126 13,621 13,467 14,761 13,554
Amortization of debt expense 273 263 122 122 121 84 84
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TOTAL FIXED CHARGES $13,448 $24,382 $24,912 $23,485 $25,566 $29,559 $24,130
RATIO OF EARNINGS
TO FIXED CHARGES: 10.4 14.3 10.7 5.9 5.6 6.7 11.2