Deluxe (DLX) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

	Nine Months Ended September 30,		Year Ended December 31,
	2016		2015		2014		2013		2012		2011
Earnings:
Income from continuing operations before income taxes	$	261,937	$	327,947	$	297,181	$	281,059	$	250,753	$	216,084
Interest expense (excluding capitalized interest)(1)	15,281		20,299		36,529		38,301		46,847		47,797
Portion of rent expense under long-term operating leases representative of an interest factor	4,138		5,124		4,366		3,952		4,463		3,215
Total earnings	$	281,356	$	353,370	$	338,076	$	323,312	$	302,063	$	267,096
Fixed charges:
Interest expense (including capitalized interest)(1)	$	15,281	$	20,299	$	36,529	$	38,301	$	46,847	$	47,797
Portion of rent expense under long-term operating leases representative of an interest factor	4,138		5,124		4,366		3,952		4,463		3,215
Total fixed charges	$	19,419	$	25,423	$	40,895	$	42,253	$	51,310	$	51,012
Ratio of earnings to fixed charges	14.5		13.9		8.3		7.7		5.9		5.2

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