Exhibit 12.4
DELUXE CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months
Ended Years Ended December 31,
----- ------------------------
September 30,
2000 1999 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings
--------
Income from Continuing Operations
before Income Taxes $205,695 $324,655 $242,915 $115,150 $118,765 $169,319 $246,706
Interest expense
(excluding capitalized interest) 10,455 8,506 8,273 8,822 10,649 13,099 9,733
Portion of rent expense under
long-term operating leases
representative of an interest factor 9,043 14,640 15,126 13,621 13,467 14,761 13,554
Amortization of debt expense 402 263 122 122 121 84 84
---- ---- ---- ---- ---- ---- ----
TOTAL EARNINGS $225,595 $348,064 $266,436 $137,715 $143,002 $197,262 $270,077
Fixed charges
-------------
Interest Expense
(including capitalized interest) 10,455 9,479 9,664 $9,742 $11,978 $14,714 $10,492
Portion of rent expense under
long-term operating leases
representative of an interest factor 9,043 14,640 15,126 13,621 13,467 14,761 13,554
Amortization of debt expense 402 263 122 122 121 84 84
---- ---- ---- ---- ---- ---- ----
TOTAL FIXED CHARGES $19,900 $24,382 $24,912 $23,485 $25,566 $29,559 $24,130
RATIO OF EARNINGS
TO FIXED CHARGES: 11.3 14.3 10.7 5.9 5.6 6.7 11.2
</TABLE>
