Exhibit 12.1
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Ended Years Ended December 31,
-------- -------------------------------------------------------------------------
June 30, 1997 1996 1995 1994 1993 1992 1991
-------- -------- -------- -------- -------- -------- --------
Earnings
Income from Continuing Operations
before Income Taxes $132,444 $118,765 $169,319 $246,706 $235,913 $324,783 $295,493
Interest expense
(excluding capitalized interest) 4,872 10,649 13,099 9,733 10,070 15,371 8,220
Portion of rent expense under
long-term operating leases
representative of an interest factor 6,946 13,467 14,761 13,554 13,259 12,923 11,807
Amortization of debt expense 61 121 84 84 84 84 71
-------- -------- -------- -------- -------- -------- --------
TOTAL EARNINGS $144,323 $143,002 $197,262 $270,077 $259,326 $353,161 $315,591
Fixed charges
Interest Expense
(including capitalized interest) $ 5,122 $ 11,978 $ 14,714 $ 10,492 $ 10,555 $ 15,824 $ 8,990
Portion of rent expense under
long-term operating leases
representative of an interest factor 6,946 13,467 14,761 13,554 13,259 12,923 11,807
Amortization of debt expense 61 121 84 84 84 84 71
-------- -------- -------- -------- -------- -------- --------
TOTAL FIXED CHARGES $ 12,129 $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831 $ 20,868
RATIO OF EARNINGS
TO FIXED CHARGES: 11.9 5.6 6.7 11.2 10.9 12.2 15.1