Exhibit 12
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six-Months
Ended Years Ended December 31,
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June 30, 1996 1995 1994 1993 1992 1991 1990
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EARNINGS
Income from Continuing Operations
before Income Taxes $97,521 $169,319 $246,706 $235,913 $324,783 $295,493 $282,506
Interest expense
(excluding capitalized interest) 5,305 13,099 9,733 10,070 15,371 8,220 1,427
Portion of rent expense under
long-term operating leases
representative of an interest factor 7,085 14,761 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 61 84 84 84 84 71 0
-- -- -- -- -- -- -
TOTAL EARNINGS $109,972 $197,262 $270,077 $259,326 $353,161 $315,591 $294,782
FIXED CHARGES
Interest Expense
(including capitalized interest) $6,196 $14,714 $10,492 $10,555 $15,824 $8,990 $1,860
Portion of rent expense under
long-term operating leases
representative of an interest factor 7,085 14,761 13,554 13,259 12,923 11,807 10,849
Amortization of debt expense 61 84 84 84 84 71 0
-- -- -- -- -- -- -
TOTAL FIXED CHARGES $13,342 $29,559 $24,130 $23,898 $28,831 $20,868 $12,709
RATIO OF EARNINGS
TO FIXED CHARGES: 8.2 6.7 11.2 10.9 12.2 15.1 23.2