EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
For the Nine-Month | ||||
Period Ended | ||||
September 30, 2009 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (220,762 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 374,558 | |||
Total Earnings | $ | 153,796 | ||
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 371,503 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 79 | |||
An estimate of the interest component within rental expense | 2,976 | |||
Total Fixed Charges before preferred dividends | 374,558 | |||
Preferred dividends | 40,756 | |||
Ratio of pre tax income to net income | 1.000 | |||
Preferred dividend factor | 40,756 | |||
Total fixed charges and preferred stock dividends | $ | 415,314 | ||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A | ) | ||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | (220,762 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 124,248 | |||
Total Loss | $ | (96,514 | ) | |
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 121,193 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 79 | |||
An estimate of the interest component within rental expense | 2,976 | |||
Total Fixed Charges before preferred dividends | 124,248 | |||
Preferred dividends | 40,756 | |||
Ratio of pre tax income to net income | 1.000 | |||
Preferred dividend factor | 40,756 | |||
Total fixed charges and preferred stock dividends | $ | 165,004 | ||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A | ) |
(A) | For the nine-month period ended September 30, 2009, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $261.5 million to achieve a ratio of 1:1 during the first nine months of 2009. |