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Exhibit 12.1

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

 

		Year Ended December 31,
		2011				2010				2009				2008				2007				2006
Earnings:
Income from continuing operations before income taxes		$	216,084			$	235,949			$	155,021			$	160,176			$	220,015			$	142,788
Interest expense (excluding capitalized interest)(1)			47,797				44,165				46,280				50,421				55,294				56,661
Portion of rent expense under long-term operating leases representative of an interest factor			3,215				3,438				2,716				3,147				2,900				3,526
Total earnings		$	267,096			$	283,552			$	204,017			$	213,744			$	278,209			$	202,975
Fixed charges:
Interest expense (including capitalized interest)(1)		$	47,797			$	44,165			$	46,280			$	50,421			$	55,294			$	57,051
Portion of rent expense under long-term operating leases representative of an interest factor			3,215				3,438				2,716				3,147				2,900				3,526
Total fixed charges		$	51,012			$	47,603			$	48,996			$	53,568			$	58,194			$	60,577
Ratio of earnings to fixed charges			5.2				6.0				4.2				4.0				4.8				3.4

 

(1)	Does not include interest expense related to uncertain tax positions.

 

 

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