EXHIBIT 12.4

 

DELUXE CORPORATION

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

		Year Ended December 31,
		2001			2000			1999			1998			1997
Earnings:
Income from continuing operations before income taxes		$	297,534		$	273,429		$	322,582		$	256,305		$	147,682
Interest expense (excluding capitalized interest)			5,583			11,436			8,589			8,550			7,289
Portion of rent expense under long-term operating
leases representative of an interest factor			3,540			3,520			7,728			8,859			8,732
Amortization of debt expense			176			464			263			122			122
Total earnings		$	306,833		$	288,849		$	339,162		$	273,836		$	163,825
Fixed charges:
Interest expense (including capitalized interest)			5,583		$	11,436		$	9,662		$	9,941		$	8,209
Portion of rent expense under long-term operating
leases representative of an interest factor			3,540			3,520			7,728			8,859			8,732
Amortization of debt expense			176			464			263			122			122
Total fixed charges		$	9,299		$	15,420		$	17,653		$	18,922		$	17,063
Ratio of earnings to fixed charges			33.0			18.7			19.2			14.5			9.6

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