Exhibit 12.1
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 216,084 | $ | 235,949 | $ | 155,021 | $ | 160,176 | $ | 220,015 | $ | 142,788 | ||||||||||||
Interest expense (excluding capitalized interest)(1) | 47,797 | 44,165 | 46,280 | 50,421 | 55,294 | 56,661 | ||||||||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 3,215 | 3,438 | 2,716 | 3,147 | 2,900 | 3,526 | ||||||||||||||||||
Total earnings | $ | 267,096 | $ | 283,552 | $ | 204,017 | $ | 213,744 | $ | 278,209 | $ | 202,975 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense (including capitalized interest)(1) | $ | 47,797 | $ | 44,165 | $ | 46,280 | $ | 50,421 | $ | 55,294 | $ | 57,051 | ||||||||||||
Portion of rent expense under long-term operating leases representative of an interest factor | 3,215 | 3,438 | 2,716 | 3,147 | 2,900 | 3,526 | ||||||||||||||||||
Total fixed charges | $ | 51,012 | $ | 47,603 | $ | 48,996 | $ | 53,568 | $ | 58,194 | $ | 60,577 | ||||||||||||
Ratio of earnings to fixed charges | 5.2 | 6.0 | 4.2 | 4.0 | 4.8 | 3.4 |
(1) | Does not include interest expense related to uncertain tax positions. |