Exhibit 12.1

 

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

     Nine Months Ended
September 30,
   Year Ended December 31,

     2004

   2003

   2002

   2001

   2000

   1999

Earnings:

                                         

Income from continuing operations before income taxes

   $ 244,562    $ 299,380    $ 340,722    $ 297,534    $ 273,429    $ 322,582

Interest expense (excluding capitalized interest)

     19,303      19,241      5,079      5,691      11,900      8,852

Portion of rent expense under long-term operating leases representative of an interest factor

     1,663      2,478      3,058      3,540      3,520      7,728
    

  

  

  

  

  

Total earnings

   $ 265,528    $ 321,099    $ 348,859    $ 306,765    $ 288,849    $ 339,162

Fixed charges:

                                         

Interest expense (including capitalized interest)

   $ 19,387    $ 19,241    $ 5,139    $ 5,691    $ 11,900    $ 9,925

Portion of rent expense under long-term operating leases representative of an interest factor

     1,663      2,478      3,058      3,540      3,520      7,728
    

  

  

  

  

  

Total fixed charges

   $ 21,050    $ 21,719    $ 8,197    $ 9,231    $ 15,420    $ 17,653

Ratio of earnings to fixed charges

     12.6x      14.8x      42.6x      33.2x      18.7x      19.2x

 

 

 

Deluxe Corporation

Pro Forma Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

    

Nine Months Ended
September 30,

2004


  

Year Ended
December 31,

2003


Earnings:

             

Income from continuing operations before income taxes

   $ 227,300    $ 271,122

Interest expense (excluding capitalized interest)

     36,565      47,499

Portion of rent expense under long-term operating leases representative of an interest factor

     1,663      2,478
    

  

Total earnings

   $ 265,528    $ 321,099

Fixed charges:

             

Interest expense (including capitalized interest)

   $ 36,649    $ 47,499

Portion of rent expense under long-term operating leases representative of an interest factor

     1,663      2,478
    

  

Total fixed charges

   $ 38,312    $ 49,977

Ratio of earnings to fixed charges

     6.9x      6.4x