Exhibit 12.1
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
QUARTER ENDED -----------------------------------------------------------------
MARCH 31, 2003 2002 2001 2000 1999 1998
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Earnings:
Income from continuing operations before
income taxes $80,610 $340,722 $297,534 $273,429 $322,582 $256,305
Interest expense (excluding
capitalized interest) 4,367 5,079 5,691 11,900 8,852 8,672
Portion of rent expense under long-term
operating leases representative of an
interest factor 642 3,058 3,540 3,520 7,728 8,859
------- -------- -------- -------- -------- --------
Total earnings $85,619 $348,859 $306,765 $288,849 $339,162 $273,836
Fixed charges:
Interest expense (including
capitalized interest) $ 4,367 $ 5,139 $ 5,691 $ 11,900 $ 9,925 $ 10,063
Portion of rent expense under long-term
operating leases representative of an
interest factor 642 3,058 3,540 3,520 7,728 8,859
------- -------- -------- -------- -------- --------
Total fixed charges $ 5,009 $ 8,197 $ 9,231 $ 15,420 $ 17,653 $ 18,922
Ratio of earnings to fixed charges 17.1 42.6 33.2 18.7 19.2 14.5