Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | Year Ended December 31, |
| | 2015 | | 2014 |
| | 2013 |
| | 2012 |
| | 2011 |
| | 2010 |
|
Earnings: | | | | | | | | | | | | |
| | | | | | | | | | | | |
Income from continuing operations before income taxes | | $ | 155,572 |
| | $ | 297,181 |
| | $ | 281,059 |
| | $ | 250,753 |
| | $ | 216,084 |
| | $ | 235,949 |
|
Interest expense (excluding capitalized interest)(1) | | 10,935 |
| | 36,529 |
| | 38,301 |
| | 46,847 |
| | 47,797 |
| | 44,165 |
|
Portion of rent expense under long-term operating leases representative of an interest factor | | 2,378 |
| | 4,366 |
| | 3,952 |
| | 4,463 |
| | 3,215 |
| | 3,438 |
|
Total earnings | | $ | 168,885 |
| | $ | 338,076 |
| | $ | 323,312 |
| | $ | 302,063 |
| | $ | 267,096 |
| | $ | 283,552 |
|
| | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | |
Interest expense (including capitalized interest)(1) | | $ | 10,935 |
| | $ | 36,529 |
| | $ | 38,301 |
| | $ | 46,847 |
| | $ | 47,797 |
| | $ | 44,165 |
|
Portion of rent expense under long-term operating leases representative of an interest factor | | 2,378 |
| | 4,366 |
| | 3,952 |
| | 4,463 |
| | 3,215 |
| | 3,438 |
|
Total fixed charges | | $ | 13,313 |
| | $ | 40,895 |
| | $ | 42,253 |
| | $ | 51,310 |
| | $ | 51,012 |
| | $ | 47,603 |
|
| | | | | | | | | | | | |
Ratio of earnings to fixed charges | | 12.7 |
| | 8.3 |
| | 7.7 |
| | 5.9 |
| | 5.2 |
| | 6.0 |
|
(1) Does not include interest expense related to uncertain tax positions.