Exhibit 12.1 DELUXE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Three Months Ended Years Ended December 31, ----- ------------------------ March 31, 2000 1999 1998 1997 1996 1995 1994 -------------- ---- ---- ---- ---- ---- ---- Earnings - -------- Income from Continuing Operations before Income Taxes $ 70,899 $324,655 $242,915 $115,150 $118,765 $169,319 $246,706 Interest expense (excluding capitalized interest) 3,681 8,506 8,273 8,822 10,649 13,099 9,733 Portion of rent expense under long-term operating leases representative of an interest factor 2,852 14,640 15,126 13,621 13,467 14,761 13,554 Amortization of debt expense 137 263 122 122 121 84 84 -------- -------- -------- -------- -------- -------- -------- TOTAL EARNINGS $ 77,569 $348,064 $266,436 $137,716 $143,002 $197,262 $270,077 Fixed charges - ------------- Interest Expense (includinq capitalized interest) 3,681 9,479 9,664 $ 9,742 $ 11,978 $ 14,714 $ 10,492 Portion of rent expense under long-term operating leases representative of an interest factor 2,852 14,640 15,126 13,621 13,467 14,761 13,554 Amortization of debt expense 137 263 122 122 121 84 84 -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $ 6,670 $ 24,382 $ 24,912 $ 23,485 $ 25,566 $ 29,559 $ 24,130 RATIO OF EARNINGS TO FIXED CHARGES: 11.6 14.3 10.7 5.9 5.6 6.7 11.2