Exhibit 12.3
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Years Ended December 31,
Ended --------------------------------------------------------------------
September 30, 1997 1996 1995 1994 1993 1992 1991
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Earnings
Income from Continuing Operations
before Income Taxes $28,054 $118,765 $169,319 $246,706 $235,913 $324,783 $295,493
Interest expense
(excluding capitalized interest) 7,023 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 10,419 13,467 14,761 13,554 13,259 12,923 11,807
Amortization of debt expense 91 121 84 84 84 84 71
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TOTAL EARNINGS $45,587 $143,002 $197,262 $270,077 $259,326 $353,161 $315,591
Fixed charges
Interest Expense
(including capitalized interest) $ 7,551 $ 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 10,419 13,467 14,761 13,554 13,259 12,923 11,807
Amortization of debt expense 91 121 84 84 84 84 71
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TOTAL FIXED CHARGES $18,061 $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831 $ 20,868
RATIO OF EARNINGS
TO FIXED CHARGES: 2.5 5.6 6.7 11.2 10.9 12.2 15.1