Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 14, 1998

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Published on August 14, 1998



Exhibit 12.2


DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES




Six Months
Ended Years Ended December 31,
----- -------------------------------------------------------------------
June 30,
1998 1997 1996 1995 1994 1993 1992
-------- -------- -------- -------- -------- -------- --------


Earnings

Income from Continuing Operations
before Income Taxes $143,578 $115,150 $118,765 $169,319 $246,706 $235,913 $324,783

Interest expense
(excluding capitalized interest) 4,158 8,822 10,649 13,099 9,733 10,070 15,371

Portion of rent expense under
long-term operating leases
representative of an interest factor 6,935 13,621 13,467 14,761 13,554 13,259 12,923

Amortization of debt expense 61 122 121 84 84 84 84
-------- -------- -------- -------- -------- -------- --------

TOTAL EARNINGS $154,732 $137,715 $143,002 $197,262 $270,077 $259,326 $353,161


Fixed charges

Interest Expense
(including capitalized interest) $ 4,425 $ 9,742 $ 11,978 $ 14,714 $ 10,492 $ 10,555 $ 15,824

Portion of rent expense under
long-term operating leases
representative of an interest factor 6,935 13,621 13,467 14,761 13,554 13,259 12,923

Amortization of debt expense 61 122 121 84 84 84 84
-------- -------- -------- -------- -------- -------- --------

TOTAL FIXED CHARGES $ 11,421 $ 23,485 $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831



RATIO OF EARNINGS
TO FIXED CHARGES: 13.5 5.9 5.6 6.7 11.2 10.9 12.2