EX-12.1 4 deluxe031250_ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Deluxe Corp., Form 10-K, Exhibit 12.1

Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges


Year Ended December 31,
2002
 2001
 2000
 1999
 1998
 1997
Earnings:                            

Income from continuing operations before		  
  income taxes   $ 340,722   $ 297,534   $ 273,429   $ 322,582   $ 256,305   $ 147,682  

Interest expense (excluding capitalized interest)1		   5,079   5,691    11,900    8,852    8,672    7,411  

Portion of rent expense under long-term operating		  
 leases representative of an interest factor    3,058    3,540    3,520    7,728    8,859    8,732  

Total Earnings 		   $ 348,859   $ 306,765   $ 288,849   $ 339,162   $ 273,836   $ 163,825  

Fixed charges: 		  

Interest expense (including capitalized interest)1		   $5,139   $5,691   $ 11,900   $ 9,925   $ 10,063   $ 8,331  

Portion of rent expense under long-term operating		  
  leases representative of an interest factor    3,058    3,540    3,520    7,728    8,859    8,732  

Total fixed charges 		   $ 8,197   $ 9,231   $ 15,420   $ 17,653   $ 18,922   $ 17,063  

Ratio of earnings to fixed charges 		    42.6    33.2    18.7    19.2    14.5    9.6  


1 Includes amortization of debt issuance costs.