EX-12.1
Published on October 29, 2009
Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Earnings: |
||||||||||||||||||||||||||||
Income from continuing operations before
income taxes |
$ | 109,840 | $ | 160,176 | $ | 220,015 | $ | 142,788 | $ | 250,223 | $ | 316,453 | $ | 299,380 | ||||||||||||||
Interest expense (excluding capitalized
interest)(1)
|
35,542 | 50,421 | 55,294 | 56,661 | 56,604 | 32,851 | 19,241 | |||||||||||||||||||||
Portion of rent expense under long-term
operating leases representative of an interest factor |
1,950 | 3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | |||||||||||||||||||||
Total earnings |
$ | 147,332 | $ | 213,744 | $ | 278,209 | $ | 202,975 | $ | 311,469 | $ | 354,179 | $ | 321,099 | ||||||||||||||
Fixed charges: |
||||||||||||||||||||||||||||
Interest expense (including capitalized
interest)(1)
|
$ | 35,542 | $ | 50,421 | $ | 55,294 | $ | 57,051 | $ | 57,399 | $ | 33,299 | $ | 19,241 | ||||||||||||||
Portion of rent expense under long-term
operating
leases representative of an interest factor |
1,950 | 3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | |||||||||||||||||||||
Total fixed charges |
$ | 37,492 | $ | 53,568 | $ | 58,194 | $ | 60,577 | $ | 62,041 | $ | 38,174 | $ | 21,719 | ||||||||||||||
Ratio of earnings to fixed charges |
3.9 | 4.0 | 4.8 | 3.4 | 5.0 | 9.3 | 14.8 | |||||||||||||||||||||
| (1) | Does not include interest expense related to uncertain tax positions recorded under Financial Accounting Standards Board (FASB) Accounting Standards Codification topic 740. We adopted the FASBs guidance regarding uncertsin tax positions on January 1, 2007. |