EXHIBIT 12.1
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months
Ended Years Ended December 31,
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June 30, 1995 1994 1993 1992 1991 1990
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Earnings
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Income before income taxes $110,181 $240,886 $235,913 $324,783 $295,493 $282,506
Interest expense
(excluding capitalized interest) 7,084 9,740 10,070 15,371 8,220 1,427
Portion of rent expense under
long-term operating leases
representative of an interest factor $6,570 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 42 84 84 84 71 0
-- -- -- -- -- -
TOTAL EARNINGS $123,877 $264,264 $259,326 $353,161 $315,591 $294,782
Fixed charges
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Interest Expense
(including capitalized interest) 7,084 10,499 10,555 15,824 8,990 1,860
Portion of rent expense under
long-term operating leases
representative of an interest factor 6,570 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 42 84 84 84 71 0
-- -- -- -- -- -
TOTAL FIXED CHARGES $13,696 $24,137 $23,898 $28,831 $20,868 $12,709
RATIO OF EARNINGS
TO FIXED CHARGES: 9.0 10.9 10.9 12.2 15.1 23.2