Exhibit 12.3 DELUXE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Nine-Months Years Ended December 31, Ended ----------------------------------------------------------- September 30, 1996 1995 1994 1993 1992 1991 1990 ------------------ --------- -------- -------- -------- -------- -------- EARNINGS Income from Continuing Operations before Income Taxes $155,547 $169,319 $246,706 $235,913 $324,783 $295,493 $282,506 Interest expense (excluding capitalized interest) 7,300 13,099 9,733 10,070 15,371 8,220 1,427 Portion of rent expense under long-term operating leases representative of an interest factor 10,604 14,761 13,554 13,259 12,923 11,807 10,849 Amortization of debt expense 91 84 84 84 84 71 0 -------- -------- -------- -------- -------- -------- -------- TOTAL EARNINGS $173,542 $197,262 $270,077 $259,326 $353,161 $315,591 $294,782 FIXED CHARGES Interest Expense (including capitalized interest) $8,616 $14,714 $10,492 $10,555 $15,824 $8,990 $1,860 Portion of rent expense under long-term operating leases representative of an interest factor 10,604 14,761 13,554 13,259 12,923 11,807 10,849 Amortization of debt expense 91 84 84 84 84 71 0 -------- -------- -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $19,311 $29,559 $24,130 $23,898 $28,831 $20,868 $12,709 RATIO OF EARNINGS TO FIXED CHARGES: 9.0 6.7 11.2 10.9 12.2 15.1 23.2