DELUXE CORP — Director's Dealing 2004

Aug 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-08-11

Reporting Person: EILERS RONALD E (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-11	Common Stock	M	26667	$20.24	Acquired	83378.12	Direct
2004-08-11	Common Stock	S	482	$43.29	Disposed	82896.12	Direct
2004-08-11	Common Stock	S	1000	$43.28	Disposed	81896.12	Direct
2004-08-11	Common Stock	S	300	$43.27	Disposed	81596.12	Direct
2004-08-11	Common Stock	S	2400	$43.25	Disposed	79196.12	Direct
2004-08-11	Common Stock	S	12400	$43.15	Disposed	66796.12	Direct
2004-08-11	Common Stock	F	6036	$43.18	Disposed	60760.12	Direct
2004-08-12	Common Stock	M	36667	$38.54	Acquired	97427.12	Direct
2004-08-12	Common Stock	S	1067	$42.55	Disposed	96360.12	Direct
2004-08-12	Common Stock	S	32900	$42.35	Disposed	63460.12	Direct
2004-08-12	Common Stock	F	1605	$42.36	Disposed	61855.12	Direct
2004-08-12	Common Stock	S	100	$42.71	Disposed	61755.12	Direct
2004-08-12	Common Stock	S	800	$42.70	Disposed	60955.12	Direct
2004-08-12	Common Stock	S	4100	$42.69	Disposed	56855.12	Direct
2004-08-12	Common Stock	S	500	$42.59	Disposed	56355.12	Direct
2004-08-12	Common Stock	S	900	$42.58	Disposed	55455.12	Direct
2004-08-12	Common Stock	S	3900	$42.55	Disposed	51555.12	Direct
2004-08-12	Common Stock	S	4600	$42.57	Disposed	46955.12	Direct
2004-08-12	Common Stock	S	4100	$42.56	Disposed	42855.12	Direct
2004-08-12	Common Stock	S	1100	$42.60	Disposed	41755.12	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-11	Common Stock Option	$20.24	M	26667	Disposed	2008-02-26	Common Stock (26667)	Direct
2004-08-12	Common Stock Option	$38.54	M	36667	Disposed	2010-03-10	Common Stock (36667)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	2154	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$47.67	2009-03-13	Common Stock (110000)	110000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (10650)	10650	Direct

Footnotes

F1: Restricted stock units were awarded on 1/26/04 (2,154 units) under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the anniversary of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such date. Award results from an election to receive a portion of the holder's 2003 incentive compensation in restricted stock units in lieu of cash.

F2: Includes 2,170 shares of restricted stock.

F3: Options vest in three equal installments on the three succeeding anniversary dates of grant, provided the holder remains in the employ of the Company. Date entered reflects date on which first installment vests(ed).