Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Quarter Ended March 31, 2002 | Year Ended December 31, | |||||||||||||||||
2001 | 2000 | 1999 | 1998 | 1997 | ||||||||||||||
Earnings: | ||||||||||||||||||
Income from continuing operations before income taxes | 88,051 | $ | 297,534 | $ | 273,429 | $ | 322,582 | $ | 256,305 | $ | 147,682 | |||||||
Interest expense (excluding capitalized interest) | 981 | 5,583 | 11,436 | 8,589 | 8,550 | 7,289 | ||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 1,022 | 3,540 | 3,520 | 7,728 | 8,859 | 8,732 | ||||||||||||
Amortization of debt expense | 51 | 176 | 464 | 263 | 122 | 122 | ||||||||||||
Total earnings | $ | 90,105 | $ | 306,833 | $ | 288,849 | $ | 339,162 | $ | 273,836 | $ | 163,825 | ||||||
Fixed charges: | ||||||||||||||||||
Interest expense (including capitalized interest) | 921 | 5,583 | $ | 11,436 | $ | 9,662 | $ | 9,941 | $ | 8,209 | ||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 1,022 | 3,540 | 3,520 | 7,728 | 8,859 | 8,732 | ||||||||||||
Amortization of debt expense | 51 | 176 | 464 | 263 | 122 | 122 | ||||||||||||
Total fixed charges | $ | 1,994 | $ | 9,299 | $ | 15,420 | $ | 17,653 | $ | 18,922 | $ | 17,063 | ||||||
Ratio of earnings to fixed charges | 45.2 | 33.0 | 18.7 | 19.2 | 14.5 | 9.6 |