Published on May 5, 2004
Exhibit 12
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
| Quarter Ended March 31, |
Year Ended December 31, |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
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Earnings: |
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Income from continuing operations before |
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| income taxes | $ | 47,662 | $ | 299,380 | $ | 340,722 | $ | 297,534 | $ | 273,429 | $ | 322,582 | ||||||||
Interest expense (excluding capitalized interest) |
5,166 | 19,241 | 5,079 | 5,691 | 11,900 | 8,852 | ||||||||||||||
Portion of rent expense under long-term operating |
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| leases representative of an interest factor | 599 | 2,478 | 3,058 | 3,540 | 3,520 | 7,728 | ||||||||||||||
Total earnings |
$ | 53,427 | $ | 321,099 | $ | 348,859 | $ | 306,765 | $ | 288,849 | $ | 339,162 | ||||||||
Fixed charges: |
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Interest expense (including capitalized interest) |
$ | 5,170 | $ | 19,241 | $ | 5,139 | $ | 5,691 | $ | 11,900 | $ | 9,925 | ||||||||
Portion of rent expense under long-term operating |
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| leases representative of an interest factor | 599 | 2,478 | 3,058 | 3,540 | 3,520 | 7,728 | ||||||||||||||
Total fixed charges |
$ | 5,769 | $ | 21,719 | $ | 8,197 | $ | 9,231 | $ | 15,420 | $ | 17,653 | ||||||||
Ratio of earnings to fixed charges |
9.3 | 14.8 | 42.6 | 33.2 | 18.7 | 19.2 | ||||||||||||||