Deluxe (DLX) 10-Q 2003 Q2 Quarterly report

Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

			Year Ended December 31,
	Six Months Ended June 30, 2003		2002		2001		2000		1999		1998
Earnings:
Income from continuing operations before
income taxes	$	153,050	$	340,722	$	297,534	$	273,429	$	322,582	$	256,305
Interest expense (excluding capitalized interest)		9,272		5,079		5,691		11,900		8,852		8,672
Portion of rent expense under long-term
operating leases representative of an interest factor		1,272		3,058		3,540		3,520		7,728		8,859
Total earnings	$	163,594	$	348,859	$	306,765	$	288,849	$	339,162	$	273,836
Fixed charges:
Interest expense (including capitalized interest)	$	9,272	$	5,139	$	5,691	$	11,900	$	9,925	$	10,063
Portion of rent expense under long-term
operating leases representative of an interest factor		1,272		3,058		3,540		3,520		7,728		8,859
Total fixed charges	$	10,544	$	8,197	$	9,231	$	15,420	$	17,653	$	18,922
Ratio of earnings to fixed charges		15.5		42.6		33.2		18.7		19.2		14.5