Exhibit 12.4
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year
Ended Years Ended December 31,
December 31, 1997 1996 1995 1994 1993 1992 1991
Earnings
Income from Continuing $115,150 $118,765 $169,319 $246,706 $235,913 $324,783 $295,493
Operations before Income Taxes
Interest expense 8,822 10,649 13,099 9,733 10,070 15,371 8,220
(excluding capitalized interest)
Portion of rent expense under 13,621 13,467 14,761 13,554 13,259 12,923 11,807
long-term operating leases
representative of an interest fact
Amortization of debt expense 122 121 84 84 84 84 71
TOTAL EARNINGS $137,715 $143,002 $197,262 $270,077 $259,326 $353,161 $315,591
Fixed charges
Interest Expense $9,742 $11,978 $14,714 $10,492 $10,555 $15,824 $8,990
(including capitalized interest)
Portion of rent expense under 13,621 13,467 14,761 13,554 13,259 12,923 11,807
long-term operating leases
representative of an interest factor
Amortization of debt expense 122 121 84 84 84 84 71
TOTAL FIXED CHARGES $23,485 $25,566 $29,559 $24,130 $23,898 $28,831 $20,868
RATIO OF EARNINGS TO FIXED CHARGES: 5.9 5.6 6.7 11.2 10.9 12.2 15.1