Deluxe (DLX) 10-K 2014 FY Annual report

Exhibit 12.1

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

			Year Ended December 31,
	2014		2013		2012		2011		2010		2009
Earnings:
Income from continuing operations before income taxes	$	297,181	$	281,059	$	250,753	$	216,084	$	235,949	$	155,021
Interest expense (excluding capitalized interest)(1)	36,529		38,301		46,847		47,797		44,165		46,280
Portion of rent expense under long-term operating leases representative of an interest factor	4,366		3,952		4,463		3,215		3,438		2,716
Total earnings	$	338,076	$	323,312	$	302,063	$	267,096	$	283,552	$	204,017
Fixed charges:
Interest expense (including capitalized interest)(1)	$	36,529	$	38,301	$	46,847	$	47,797	$	44,165	$	46,280
Portion of rent expense under long-term operating leases representative of an interest factor	4,366		3,952		4,463		3,215		3,438		2,716
Total fixed charges	$	40,895	$	42,253	$	51,310	$	51,012	$	47,603	$	48,996
Ratio of earnings to fixed charges	8.3		7.7		5.9		5.2		6.0		4.2

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