COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Published on November 12, 2004
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, |
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|
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
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| Earnings: |
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| 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: |
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| 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 2004 |
Year Ended 2003 |
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| Earnings: |
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| 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: |
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| 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 | ||||