Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 12, 2004

Exhibit 12

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31,
2003 2002 2001 2000 1999 1998






Earnings:                            
Income from continuing operations before    
  income taxes     $ 299,380   $ 340,722   $ 297,534   $ 273,429   $ 322,582   $ 256,305  
Interest expense (excluding capitalized
  interest)
      19,241     5,079     5,691     11,900     8,852     8,672  
Portion of rent expense under long-term    
  operating leases representative of an
  interest factor
      2,478     3,058     3,540     3,520     7,728     8,859  






Total earnings     $ 321,099   $ 348,859   $ 306,765   $ 288,849   $ 339,162   $ 273,836  

Fixed charges:
   
Interest expense (including capitalized interest)     $ 19,241   $ 5,139   $ 5,691   $ 11,900   $ 9,925   $ 10,063  
Portion of rent expense under long-term    
  operating leases representative of an
  interest factor
      2,478     3,058     3,540     3,520     7,728     8,859  






Total fixed charges     $ 21,719   $ 8,197   $ 9,231   $ 15,420   $ 17,653   $ 18,922  

Ratio of earnings to fixed charges
      14.8     42.6     33.2     18.7     19.2     14.5