Published on May 9, 2005
Exhibit 12.1
Deluxe Corporation
Computation of Ratio of
Earnings to Fixed Charges
| Quarter Ended March 31, |
Year Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
| Earnings: | ||||||||||||||||||||
| Income from continuing operations before | ||||||||||||||||||||
| income taxes | $ | 64,038 | $ | 316,873 | $ | 299,380 | $ | 340,722 | $ | 297,534 | $ | 273,429 | ||||||||
| Interest expense (excluding capitalized interest) | 13,401 | 32,851 | 19,241 | 5,079 | 5,691 | 11,900 | ||||||||||||||
| Portion of rent expense under long-term operating | ||||||||||||||||||||
| leases representative of an interest factor | 1,130 | 4,929 | 2,478 | 3,058 | 3,540 | 3,520 | ||||||||||||||
| Total earnings | $ | 78,569 | $ | 354,653 | $ | 321,099 | $ | 348,859 | $ | 306,765 | $ | 288,849 | ||||||||
| Fixed charges: | ||||||||||||||||||||
| Interest expense (including capitalized interest) | $ | 13,745 | $ | 33,299 | $ | 19,241 | $ | 5,139 | $ | 5,691 | $ | 11,900 | ||||||||
| Portion of rent expense under long-term operating | ||||||||||||||||||||
| leases representative of an interest factor | 1,130 | 4,929 | 2,478 | 3,058 | 3,540 | 3,520 | ||||||||||||||
| Total fixed charges | $ | 14,875 | $ | 38,228 | $ | 21,719 | $ | 8,197 | $ | 9,231 | $ | 15,420 | ||||||||
| Ratio of earnings to fixed charges | 5.3 | 9.3 | 14.8 | 42.6 | 33.2 | 18.7 | ||||||||||||||