Exhibit 12.3 DELUXE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine Months Years Ended December 31, Ended -------------------------------------------------------------------- September 30, 1997 1996 1995 1994 1993 1992 1991 ------------------ ---- ---- ---- ---- ---- ---- Earnings Income from Continuing Operations before Income Taxes $28,054 $118,765 $169,319 $246,706 $235,913 $324,783 $295,493 Interest expense (excluding capitalized interest) 7,023 10,649 13,099 9,733 10,070 15,371 8,220 Portion of rent expense under long-term operating leases representative of an interest factor 10,419 13,467 14,761 13,554 13,259 12,923 11,807 Amortization of debt expense 91 121 84 84 84 84 71 ------- -------- -------- -------- -------- -------- -------- TOTAL EARNINGS $45,587 $143,002 $197,262 $270,077 $259,326 $353,161 $315,591 Fixed charges Interest Expense (including capitalized interest) $ 7,551 $ 11,978 $ 14,714 $ 10,492 $ 10,555 $ 15,824 $ 8,990 Portion of rent expense under long-term operating leases representative of an interest factor 10,419 13,467 14,761 13,554 13,259 12,923 11,807 Amortization of debt expense 91 121 84 84 84 84 71 ------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $18,061 $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831 $ 20,868 RATIO OF EARNINGS TO FIXED CHARGES: 2.5 5.6 6.7 11.2 10.9 12.2 15.1