EX-12.1 8 deluxe070505_ex12-1.htm STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12.1 to Deluxe Corporation Form 10-K dated December 31, 2006

Exhibit 12.1

 

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2006

 

 

2005

 

 

2004

 

 

2003

 

 

2002

 

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

142,541

 

$

250,734

 

$

316,873

 

$

299,380

 

$

340,722

 

$

297,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (excluding capitalized interest)

 

 

56,661

 

 

56,604

 

 

32,851

 

 

19,241

 

 

5,079

 

 

5,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3,675

 

 

4,799

 

 

4,929

 

 

2,478

 

 

3,058

 

 

3,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

202,877

 

$

312,137

 

$

354,653

 

$

321,099

 

$

348,859

 

$

306,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including capitalized interest)

 

$

57,051

 

$

57,399

 

$

33,299

 

$

19,241

 

$

5,139

 

$

5,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

3,675

 

 

4,799

 

 

4,929

 

 

2,478

 

 

3,058

 

 

3,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

60,726

 

$

62,198

 

$

38,228

 

$

21,719

 

$

8,197

 

$

9,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.3

 

 

5.0

 

 

9.3

 

 

14.8

 

 

42.6

 

 

33.2