DELUXE CORP — Director's Dealing 2005

Feb 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-02-08

Reporting Person: MOSNER LAWRENCE J (Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-08	Common Stock	M	80000	$20.38	Acquired	222029	Direct
2005-02-08	Common Stock	M	80000	$27.44	Acquired	302029	Direct
2005-02-08	Common Stock	M	42500	$20.38	Acquired	344529	Direct
2005-02-08	Common Stock	S	700	$38.82	Disposed	343829	Direct
2005-02-08	Common Stock	S	300	$38.81	Disposed	343529	Direct
2005-02-08	Common Stock	S	22900	$38.80	Disposed	320629	Direct
2005-02-08	Common Stock	S	1900	$38.79	Disposed	318729	Direct
2005-02-08	Common Stock	S	400	$38.78	Disposed	318329	Direct
2005-02-08	Common Stock	S	100	$38.77	Disposed	318229	Direct
2005-02-08	Common Stock	S	18200	$38.75	Disposed	300029	Direct
2005-02-08	Common Stock	S	5000	$38.67	Disposed	295029	Direct
2005-02-08	Common Stock	S	5000	$38.65	Disposed	290029	Direct
2005-02-08	Common Stock	S	4400	$38.62	Disposed	285629	Direct
2005-02-08	Common Stock	S	3200	$38.61	Disposed	282429	Direct
2005-02-08	Common Stock	S	3900	$38.60	Disposed	278529	Direct
2005-02-08	Common Stock	S	9900	$38.59	Disposed	268629	Direct
2005-02-08	Common Stock	S	1000	$38.58	Disposed	267629	Direct
2005-02-08	Common Stock	S	8100	$38.50	Disposed	259529	Direct
2005-02-08	Common Stock	S	49500	$38.49	Disposed	210029	Direct
2005-02-08	Common Stock	S	10000	$38.40	Disposed	200029	Direct
2005-02-08	Common Stock	F	34635	$38.60	Disposed	165394	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-08	Common Stock Option	$27.44	M	80000	Disposed	2009-01-04	Common Stock (80000)	Direct
2005-02-08	Common Stock Option	$20.38	M	80000	Disposed	2010-01-14	Common Stock (80000)	Direct
2005-02-08	Common Stock Option	$20.38	M	42500	Disposed	2010-01-14	Common Stock (42500)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (45235)	45235	Direct
Common Stock Option	$19.09	2010-05-09	Common Stock (80000)	80000	Direct
Common Stock Option	$20.24	2008-01-26	Common Stock (150000)	150000	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (180000)	180000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (200000)	200000	Direct
Common Stock Options	$42.35	2011-05-04	Common Stock (25000)	25000	Direct

Footnotes

F1: Includes 5,200 shares of restricted stock and 653 shares acquired under the Employee Stock Purchase Plan on February 1, 2005.

F2: Restricted stock units were awarded on 1/25/05 under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the second 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 2004 incentive compenstion in restricted stock units in lieu of cash. Acquisition price is based on the closing price of the Company's common stock on date of grant.

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).