COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on March 27, 2003
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Exhibit 12.1 Deluxe Corporation
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Year Ended December 31, |
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2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
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| Earnings: | ||||||||||||||||||||
Income from continuing operations before |
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| income taxes | $ | 340,722 | $ | 297,534 | $ | 273,429 | $ | 322,582 | $ | 256,305 | $ | 147,682 | ||||||||
Interest expense (excluding capitalized interest)1 |
5,079 | 5,691 | 11,900 | 8,852 | 8,672 | 7,411 | ||||||||||||||
Portion of rent expense under long-term operating |
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| leases representative of an interest factor | 3,058 | 3,540 | 3,520 | 7,728 | 8,859 | 8,732 | ||||||||||||||
Total Earnings |
$ | 348,859 | $ | 306,765 | $ | 288,849 | $ | 339,162 | $ | 273,836 | $ | 163,825 | ||||||||
Fixed charges: |
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Interest expense (including capitalized interest)1 |
$ | 5,139 | $ | 5,691 | $ | 11,900 | $ | 9,925 | $ | 10,063 | $ | 8,331 | ||||||||
Portion of rent expense under long-term operating |
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| leases representative of an interest factor | 3,058 | 3,540 | 3,520 | 7,728 | 8,859 | 8,732 | ||||||||||||||
Total fixed charges |
$ | 8,197 | $ | 9,231 | $ | 15,420 | $ | 17,653 | $ | 18,922 | $ | 17,063 | ||||||||
Ratio of earnings to fixed charges |
42.6 | 33.2 | 18.7 | 19.2 | 14.5 | 9.6 | ||||||||||||||
1 Includes amortization of debt issuance costs.