EX-12.1 4 exhibit121630201210q.htm EXHIBIT 12.1 Exhibit 12.1 6.30.2012 10Q


Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
Six Months Ended June 30,
Year Ended December 31,
 
2012
2011

2010

2009

2008

2007

2006

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
128,904

$
216,084

$
235,949

$
155,021

$
160,176

$
220,015

$
142,788

 
 
 
 
 
 
 
 
Interest expense (excluding capitalized interest)(1)
23,053

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
2,159

3,215

3,438

2,716

3,147

2,900

3,526

 
 
 
 
 
 
 
 
Total earnings
$
154,116

$
267,096

$
283,552

$
204,017

$
213,744

$
278,209

$
202,975

 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
$
23,053

$
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
2,159

3,215

3,438

2,716

3,147

2,900

3,526

 
 
 
 
 
 
 
 
Total fixed charges
$
25,212

$
51,012

$
47,603

$
48,996

$
53,568

$
58,194

$
60,577

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
6.1

5.2

6.0

4.2

4.0

4.8

3.4


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