Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Six Months | ||||||||||||||||||||||||||||
Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 91,872 | $ | 217,654 | $ | 142,541 | $ | 250,734 | $ | 316,873 | $ | 299,380 | $ | 340,722 | ||||||||||||||
Interest expense (excluding capitalized interest)(1) | 25,133 | 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 | 1,599 | 3,048 | 3,675 | 4,799 | 4,929 | 2,478 | 3,058 | |||||||||||||||||||||
Total earnings | $ | 118,604 | $ | 275,996 | $ | 202,877 | $ | 312,137 | $ | 354,653 | $ | 321,099 | $ | 348,859 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (including capitalized interest)(1) | $ | 25,133 | $ | 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 | 1,599 | 3,048 | 3,675 | 4,799 | 4,929 | 2,478 | 3,058 | |||||||||||||||||||||
Total fixed charges | $ | 26,732 | $ | 58,342 | $ | 60,726 | $ | 62,198 | $ | 38,228 | $ | 21,719 | $ | 8,197 | ||||||||||||||
Ratio of earnings to fixed charges | 4.4 | 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. |