Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 16, 2005

Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31,
 
2004 2003 2002 2001 2000 1999
     Earnings:                            
 
     Income from continuing operations before    
       income taxes     $ 316,873   $ 299,380   $ 340,722   $ 297,534   $ 273,429   $ 322,582  
 
     Interest expense (excluding capitalized interest)       32,851     19,241     5,079     5,691     11,900     8,852  
 
     Portion of rent expense under long-term operating    
      leases representative of an interest factor       4,929     2,478     3,058     3,540     3,520     7,728  
 
     Total earnings     $ 354,653   $ 321,099   $ 348,859   $ 306,765   $ 288,849   $ 339,162  
 
 
     Fixed charges:    
 
     Interest expense (including capitalized interest)     $ 33,299   $ 19,241   $ 5,139   $ 5,691   $ 11,900   $ 9,925  
 
     Portion of rent expense under long-term operating    
       leases representative of an interest factor       4,929     2,478     3,058     3,540     3,520     7,728  
 
     Total fixed charges     $ 38,228   $ 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