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 |