EX-12.1 2 exhibit121930201410q.htm EXHIBIT 12.1 Exhibit 12.1 9.30.2014 10Q


Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
 
2014
 
2013

 
2012

 
2011

 
2010

 
2009

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
214,630

 
$
281,059

 
$
250,753

 
$
216,084

 
$
235,949

 
$
155,021

Interest expense (excluding capitalized interest)(1)
 
28,677

 
38,301

 
46,847

 
47,797

 
44,165

 
46,280

Portion of rent expense under long-term operating leases representative of an interest factor
 
3,116

 
3,952

 
4,463

 
3,215

 
3,438

 
2,716

Total earnings
 
$
246,423

 
$
323,312

 
$
302,063

 
$
267,096

 
$
283,552

 
$
204,017

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
 
$
28,677

 
$
38,301

 
$
46,847

 
$
47,797

 
$
44,165

 
$
46,280

Portion of rent expense under long-term operating leases representative of an interest factor
 
3,116

 
3,952

 
4,463

 
3,215

 
3,438

 
2,716

Total fixed charges
 
$
31,793

 
$
42,253

 
$
51,310

 
$
51,012

 
$
47,603

 
$
48,996

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.8

 
7.7

 
5.9

 
5.2

 
6.0

 
4.2


(1) Does not include interest expense related to uncertain tax positions.