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EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
Quarter Ended | ||||
March 31, 2010 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (100,137 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 104,113 | |||
Total Earnings | $ | 3,976 | ||
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 103,125 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 11 | |||
An estimate of the interest component within rental expense | 977 | |||
Total Fixed Charges | $ | 104,113 | ||
Ratio of Earnings to Fixed Charges | (A | ) | ||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (100,137 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 38,148 | |||
Total Losses | $ | (61,989 | ) | |
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 37,160 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 11 | |||
An estimate of the interest component within rental expense | 977 | |||
Total Fixed Charges | $ | 38,148 | ||
Ratio of Earnings to Fixed Charges | (A | ) |
(A) | For March 31, 2010, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $100.1 million to achieve a ratio of 1:1 for the first quarter of 2010. |