EX-12.1
Published on February 20, 2009
Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Income from continuing operations before
income taxes |
$ | 160,176 | $ | 220,015 | $ | 142,788 | $ | 250,223 | $ | 316,453 | $ | 299,380 | ||||||||||||
Interest expense (excluding capitalized interest)(1)
|
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 |
3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | ||||||||||||||||||
Total earnings |
$ | 213,744 | $ | 278,209 | $ | 202,975 | $ | 311,469 | $ | 354,179 | $ | 321,099 | ||||||||||||
Fixed charges: |
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Interest expense (including capitalized interest)(1)
|
$ | 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 |
3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | ||||||||||||||||||
Total fixed charges |
$ | 53,568 | $ | 58,194 | $ | 60,577 | $ | 62,041 | $ | 38,174 | $ | 21,719 | ||||||||||||
Ratio of earnings to fixed charges |
4.0 | 4.8 | 3.4 | 5.0 | 9.3 | 14.8 | ||||||||||||||||||
| (1) | Does not include interest expense related to uncertain positions recorded under Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes, which we adopted on January 1, 2007. |