Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Quarter Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 24,953 | $ | 160,176 | $ | 220,015 | $ | 142,788 | $ | 250,223 | $ | 316,453 | $ | 299,380 | ||||||||||||||
Interest expense (excluding capitalized interest)(1) | 12,420 | 50,421 | 55,294 | 56,661 | 56,604 | 32,851 | 19,241 | |||||||||||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 720 | 3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | |||||||||||||||||||||
Total earnings | $ | 38,093 | $ | 213,744 | $ | 278,209 | $ | 202,975 | $ | 311,469 | $ | 354,179 | $ | 321,099 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (including capitalized interest)(1) | $ | 12,420 | $ | 50,421 | $ | 55,294 | $ | 57,051 | $ | 57,399 | $ | 33,299 | $ | 19,241 | ||||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 720 | 3,147 | 2,900 | 3,526 | 4,642 | 4,875 | 2,478 | |||||||||||||||||||||
Total fixed charges | $ | 13,140 | $ | 53,568 | $ | 58,194 | $ | 60,577 | $ | 62,041 | $ | 38,174 | $ | 21,719 | ||||||||||||||
Ratio of earnings to fixed charges | 2.9 | 4.0 | 4.8 | 3.4 | 5.0 | 9.3 | 14.8 |
(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. |