EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings to Fixed Charges
Exhibit 12.1
 
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
 
    
Quarter Ended March 31, 2002
   
Year Ended December 31,
       
2001
   
2000
   
1999
   
1998
   
1997
Earnings:
                                          
Income from continuing operations before income taxes
   
 
88,051
   
$
297,534
   
$
273,429
   
$
322,582
   
$
256,305
   
$
147,682
Interest expense (excluding capitalized interest)
   
 
981
   
 
5,583
   
 
11,436
   
 
8,589
   
 
8,550
   
 
7,289
Portion of rent expense under long-term operating leases representative of an interest factor
   
 
1,022
   
 
3,540
   
 
3,520
   
 
7,728
   
 
8,859
   
 
8,732
Amortization of debt expense
   
 
51
   
 
176
   
 
464
   
 
263
   
 
122
   
 
122
    
  
  
  
  
  
Total earnings
   
$
90,105
   
$
306,833
   
$
288,849
   
$
339,162
   
$
273,836
   
$
163,825
Fixed charges:
                                          
Interest expense (including capitalized interest)
   
 
921
   
 
5,583
   
$
11,436
   
$
9,662
   
$
9,941
   
$
8,209
Portion of rent expense under long-term operating leases representative of an interest factor
   
 
1,022
   
 
3,540
   
 
3,520
   
 
7,728
   
 
8,859
   
 
8,732
Amortization of debt expense
   
 
51
   
 
176
   
 
464
   
 
263
   
 
122
   
 
122
    
  
  
  
  
  
Total fixed charges
   
$
1,994
   
$
9,299
   
$
15,420
   
$
17,653
   
$
18,922
   
$
17,063
Ratio of earnings to fixed charges
   
 
45.2
   
 
33.0
   
 
18.7
   
 
19.2
   
 
14.5
   
 
9.6