EXHIBIT 12.3 DELUXE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine Months Ended Years Ended December 31, ----- ------------------------ September 30, 1998 1997 1996 1995 1994 1993 1992 (As restated)(1) ---- ---- ---- ---- ---- ---- ---------------- Earnings - -------- Income from Continuing Operations before Income Taxes $ 146,560 $ 115,150 $ 118,765 $ 169,319 $ 246,706 $ 235,913 $ 324,783 Interest expense (excluding capitalized interest) 6,293 8,822 10,649 13,099 9,733 10,070 15,371 Portion of rent expense under long-term operating leases representative of an interest factor 10,803 13,621 13,467 14,761 13,554 13,259 12,923 Amortization of debt expense 91 122 121 84 84 84 84 --------- --------- --------- --------- --------- --------- --------- TOTAL EARNINGS $ 163,747 $ 137,715 $ 143,002 $ 197,262 $ 270,077 $ 259,326 $ 353,161 Fixed charges - ------------- Interest Expense (including capitalized interest) 7,378 $ 9,742 $ 11,978 $ 14,714 $ 10,492 $ 10,555 $ 15,824 Portion of rent expense under long-term operating leases representative of an interest factor 10,803 13,621 13,467 14,761 13,554 13,259 12,923 Amortization of debt expense 91 122 121 84 84 84 84 --------- --------- --------- --------- --------- --------- --------- TOTAL FIXED CHARGES $ 18,272 $ 23,485 $ 25,566 $ 29,559 $ 24,130 $ 23,898 $ 28,831 RATIO OF EARNINGS TO FIXED CHARGES: 9.0 5.9 5.6 6.7 11.2 10.9 12.2 (1) Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, and after discussions with the Securities and Exchange Commission, which concluded in September 1999, the Company revised its accounting treatment for future losses on long-term contracts and relationships and its calculation of impairment charges on long-lived assets related to the Company's Deluxe Government Services segment. As a result, the Company has restated its financial information for the third quarter of 1998. See Note 2 in the Notes to Consolidated Financial Statements contained in the Company's Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarter ended September 30, 1998.