Exhibit 12.3
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS YEAR ENDED DECEMBER 31,
ENDED SEPTEMBER 30, -----------------------
2001 2000 1999 1998 1997 1996
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Earnings:
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Income from continuing operations before
income taxes $220,671 $273,429 $322,582 $256,305 $147,682 $111,914
Interest expense (excluding capitalized interest) 3,219 10,837 7,620 8,040 7,289 9,406
Portion of rent expense under long-term operating
leases representative of an interest factor 2,567 3,520 7,728 8,859 8,732 9,365
Amortization of debt expense 125 464 263 122 122 121
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TOTAL EARNINGS $226,582 $288,250 $338,193 $273,326 $163,825 $130,806
Fixed charges:
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Interest expense (including capitalized interest) $ 3,219 $ 10,837 $ 8,693 $ 9,431 $ 8,209 $ 10,735
Portion of rent expense under long-term operating
leases representative of an interest factor 2,567 3,520 7,728 8,859 8,732 9,365
Amortization of debt expense 125 464 263 122 122 121
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TOTAL FIXED CHARGES $ 5,911 $ 14,821 $ 16,684 $ 18,412 $ 17,063 $ 20,221
RATIO OF EARNINGS TO FIXED CHARGES 38.3 19.4 20.3 14.8 9.6 6.5