EX-12.2 4 dex122.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings to Fixed Charges
Exhibit 12.2
 
Deluxe Corporation
Computation of Ratio of Earnings to Fixed Charges
 
      
Six Months Ended
June 30, 2002
  
Year Ended December 31,
         
2001
   
2000
   
1999
   
1998
   
1997
Earnings:
                                            
Income from continuing operations before income taxes
     
$
176,263
   
$
297,534
   
$
273,429
   
$
322,582
   
$
256,305
   
$
147,682
Interest expense (excluding capitalized interest)1
     
 
2,094
   
 
5,691
   
 
11,900
   
 
8,852
   
 
8,672
   
 
7,411
Portion of rent expense under long-term operating leases representative of an interest factor
     
 
1,773
   
 
3,540
   
 
3,520
   
 
7,728
   
 
8,859
   
 
8,732
      
  
  
  
  
  
Total earnings
     
$
180,130
   
$
306,765
   
$
288,849
   
$
339,162
   
$
273,836
   
$
163,825
Fixed charges:
                                            
Interest expense (including capitalized interest)1
     
 
2,154
   
 
5,691
   
$
11,900
   
$
9,925
   
$
10,063
   
$
8,331
Portion of rent expense under long-term operating leases representative of an interest factor
     
 
1,773
   
 
3,540
   
 
3,520
   
 
7,728
   
 
8,859
   
 
8,732
      
  
  
  
  
  
Total fixed charges
     
$
3,927
   
$
9,231
   
$
15,420
   
$
17,653
   
$
18,922
   
$
17,063
Ratio of earnings to fixed charges
     
 
45.9
   
 
33.2
   
 
18.7
   
 
19.2
   
 
14.5
   
 
9.6
1
 
Includes amortization of debt issuance costs.