EXHIBIT 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
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 before preferred dividends | 104,113 | |||
Preferred dividends | 6,152 | |||
Ratio of pre tax income to net income | 1.000 | |||
Preferred dividend factor | 6,152 | |||
Total fixed charges and preferred stock dividends | $ | 110,265 | ||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (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 before preferred dividends | 38,148 | |||
Preferred dividends | 6,152 | |||
Ratio of pre tax income to net income | 1.000 | |||
Preferred dividend factor | 6,152 | |||
Total fixed charges and preferred stock dividends | $ | 44,300 | ||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A | ) |
(A) | For March 31, 2010, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $106.3 million to achieve a ratio of 1:1 for the first quarter of 2010. |