Exhibit 12.1
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998
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Earnings:
Income from continuing operations before
income taxes $ 340,722 $ 297,534 $ 273,429 $ 322,582 $ 256,305
Interest expense (excluding capitalized interest) 5,079 5,691 11,900 8,852 8,672
Portion of rent expense under long-term operating
leases representative of an interest factor 3,058 3,540 3,520 7,728 8,859
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Total earnings $ 348,859 $ 306,765 $ 288,849 $ 339,162 $ 273,836
Fixed charges:
Interest expense (including capitalized interest) 1 $ 5,139 $ 5,691 $ 11,900 $ 9,925 $ 10,063
Portion of rent expense under long-term operating
leases representative of an interest factor 3,058 3,540 3,520 7,728 8,859
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Total fixed charges $ 8,197 $ 9,231 $ 15,420 $ 17,653 $ 18,922
Ratio of earnings to fixed charges 42.6 33.2 18.7 19.2 14.5