Exhibit 12.4
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year
Ended Years Ended December 31,
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December 31, 1996 1995 1994 1993 1992 1991 1990
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Earnings
Income from Continuing Operations
before Income Taxes $118,765 $169,319 $246,706 $235,913 $324,783 $295,493 $282,506
Interest expense
(excluding capitalized interest) 10,649 13,099 9,733 10,070 15,371 8,220 1,427
Portion of rent expense under
long-term operating leases
representative of an interest factor 13,467 14,761 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 121 84 84 84 84 71 0
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TOTAL EARNINGS $143,002 $197,262 $270,077 $259,326 $353,161 $315,591 $294,782
Fixed charges
Interest Expense
(including capitalized interest) $ 11,978 $ 14,714 $ 10,492 $ 10,555 $ 15,824 $ 8,990 $ 1,860
Portion of rent expense under
long-term operating leases
representative of an interest factor 13,467 14,761 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 121 84 84 84 84 71 0
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TOTAL FIXED CHARGES $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831 $ 20,868 $ 12,709
RATIO OF EARNINGS
TO FIXED CHARGES: 5.6 6.7 11.2 10.9 12.2 15.1 23.2