Exhibit 12.1
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months
Ended Years Ended December 31,
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March 31, 1999 1998 1997 1996 1995 1994 1993
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Earnings
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Income from Continuing Operations
before Income Taxes $77,469 $246,540 $115,150 $118,765 $169,319 $246,706 $235,913
Interest expense
(excluding capitalized interest 1,782 8,273 8,822 10,649 13,099 9,733 10,070
Portion of rent expense under
long-term operating leases
representative of an interest factor 3,854 15,126 13,621 13,467 14,761 13,554 13,259
Amortization of debt expense 30 122 122 121 84 84 84
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TOTAL EARNINGS $83,135 $270,061 $137,715 $143,002 $197,262 $270,077 $259,326
Fixed charges
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Interest Expense
(including capitalized interest 2,090 9,664 $ 9,742 $ 11,978 $ 14,714 $ 10,492 $ 10,555
Portion of rent expense under
long-term operating leases
representative of an interest factor 3,854 15,126 13,621 13,467 14,761 13,554 13,259
Amortization of debt expense 30 122 122 121 84 84 84
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TOTAL FIXED CHARGES $ 5,974 $ 24,912 $ 23,485 $ 25,566 $ 29,559 $ 24,130 $ 23,898
RATIO OF EARNINGS
TO FIXED CHARGES: 13.9 10.8 5.9 5.6 6.7 11.2 10.9