Deluxe (DLX) 10-Q2008 Q1 Quarterly report

Filed: 1 May 08, 12:00am

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Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges


	Three Months
	Ended March 31,		Year Ended December 31,
	2008		2007		2006		2005		2004		2003		2002
Earnings:
Income from continuing operations before income taxes	$	42,571	$	217,654	$	142,541	$	250,734	$	316,873	$	299,380	$	340,722
Interest expense (excluding capitalized interest)⁽¹⁾		12,753		55,294		56,661		56,604		32,851		19,241		5,079
Portion of rent expense under long-term operating leases representative of an interest factor		738		3,048		3,675		4,799		4,929		2,478		3,058

Total earnings	$	56,062	$	275,996	$	202,877	$	312,137	$	354,653	$	321,099	$	348,859

Fixed charges:
Interest expense (including capitalized interest)⁽¹⁾	$	12,753	$	55,294	$	57,051	$	57,399	$	33,299	$	19,241	$	5,139
Portion of rent expense under long-term operating leases representative of an interest factor		738		3,048		3,675		4,799		4,929		2,478		3,058

Total fixed charges	$	13,491	$	58,342	$	60,726	$	62,198	$	38,228	$	21,719	$	8,197
Ratio of earnings to fixed charges		4.2		4.7		3.3		5.0		9.3		14.8		42.6


⁽¹⁾		Does not include interest expense related to uncertain positions recorded under Financial Accounting Standards Board Interpretation No. 48,Accounting for Uncertainty in Income Taxes,which we adopted on January 1, 2007.