EX-12.1 4 deluxe071770_ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 to Deluxe Corporation Form 10-Q for Period Ended March 31, 2007

Exhibit 12.1

 

Deluxe Corporation

Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

Three Months
Ended March 31,

 

Year Ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before
income taxes

 

$

57,162

 

$

142,541

 

$

250,734

 

$

316,873

 

$

299,380

 

$

340,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (excluding capitalized interest)

 

 

12,799

 

 

56,661

 

 

56,604

 

 

32,851

 

 

19,241

 

 

5,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

844

 

 

3,675

 

 

4,799

 

 

4,929

 

 

2,478

 

 

3,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

70,805

 

$

202,877

 

$

312,137

 

$

354,653

 

$

321,099

 

$

348,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including capitalized interest)

 

$

12,799

 

$

57,051

 

$

57,399

 

$

33,299

 

$

19,241

 

$

5,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

844

 

 

3,675

 

 

4,799

 

 

4,929

 

 

2,478

 

 

3,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

13,643

 

$

60,726

 

$

62,198

 

$

38,228

 

$

21,719

 

$

58,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

5.2

 

 

3.3

 

 

5.0

 

 

9.3

 

 

14.8

 

 

42.6