EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Computation of Ratio of Earnings to Fixed Charges
| Nine-Month Period Ended | ||||
| September 30, 2010 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (263,151 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 295,391 | |||
Total Earnings | $ | 32,240 | ||
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 292,601 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 33 | |||
| An estimate of the interest component within rental expense | 2,757 | |||
Total Fixed Charges | $ | 295,391 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (263,151 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 104,657 | |||
Total Losses | $ | (158,494 | ) | |
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 101,867 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 33 | |||
| An estimate of the interest component within rental expense | 2,757 | |||
Total Fixed Charges | $ | 104,657 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
| (A) | For September 30, 2010, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $263.2 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2010. |