EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| Six-Month Period Ended | ||||
| June 30, 2010 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (186,955 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 204,699 | |||
Total Earnings | $ | 17,744 | ||
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 202,812 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 22 | |||
| An estimate of the interest component within rental expense | 1,865 | |||
Total Fixed Charges | $ | 204,699 | ||
Ratio of Earnings to Fixed Charges | (A | ) | ||
Excluding Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (186,955 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 74,968 | |||
Total Losses | $ | (111,987 | ) | |
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 73,081 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 22 | |||
| An estimate of the interest component within rental expense | 1,865 | |||
Total Fixed Charges | $ | 74,968 | ||
Ratio of Earnings to Fixed Charges | (A | ) | ||
| (A) | For June 30, 2010, the ratio coverage was less than 1:1. | |
| The Corporation would have to generate additional earnings of $187.0 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2010. |