EX-12.1 3 exhibit1211231201510k.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges

 
Year Ended December 31,
 
2015

2014

2013

2012

2011

2010

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
$
327,947

$
297,181

$
281,059

$
250,753

$
216,084

$
235,949

 
 
 
 
 
 
 
Interest expense (excluding capitalized interest)(1)
20,299

36,529

38,301

46,847

47,797

44,165

 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
5,124

4,366

3,952

4,463

3,215

3,438

 
 
 
 
 
 
 
Total earnings
$
353,370

$
338,076

$
323,312

$
302,063

$
267,096

$
283,552

 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including capitalized interest)(1)
$
20,299

$
36,529

$
38,301

$
46,847

$
47,797

$
44,165

 
 
 
 
 
 
 
Portion of rent expense under long-term operating leases representative of an interest factor
5,124

4,366

3,952

4,463

3,215

3,438

 
 
 
 
 
 
 
Total fixed charges
$
25,423

$
40,895

$
42,253

$
51,310

$
51,012

$
47,603

 
 
 
 
 
 
 
Ratio of earnings to fixed charges
13.9

8.3

7.7

5.9

5.2

6.0


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