EX-12.1 2 exhibit121930201510q.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
 
2015
 
2014

 
2013

 
2012

 
2011

 
2010

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
241,473

 
$
297,181

 
$
281,059

 
$
250,753

 
$
216,084

 
$
235,949

Interest expense (excluding capitalized interest)(1)
 
15,322

 
36,529

 
38,301

 
46,847

 
47,797

 
44,165

Portion of rent expense under long-term operating leases representative of an interest factor
 
3,670

 
4,366

 
3,952

 
4,463

 
3,215

 
3,438

Total earnings
 
$
260,465

 
$
338,076

 
$
323,312

 
$
302,063

 
$
267,096

 
$
283,552

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
 
$
15,322

 
$
36,529

 
$
38,301

 
$
46,847

 
$
47,797

 
$
44,165

Portion of rent expense under long-term operating leases representative of an interest factor
 
3,670

 
4,366

 
3,952

 
4,463

 
3,215

 
3,438

Total fixed charges
 
$
18,992

 
$
40,895

 
$
42,253

 
$
51,310

 
$
51,012

 
$
47,603

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
13.7

 
8.3

 
7.7

 
5.9

 
5.2

 
6.0


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