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, 2011 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (24,834 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 74,857 | |||
Total Earnings | $ | 50,023 | ||
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 74,015 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 11 | |||
| An estimate of the interest component within rental expense | 831 | |||
Total Fixed Charges | $ | 74,857 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (24,834 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 20,799 | |||
Total Losses | $ | (4,035 | ) | |
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 19,956 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 11 | |||
| An estimate of the interest component within rental expense | 832 | |||
Total Fixed Charges | $ | 20,799 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
| (A) | For March 31, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $24.8 million to achieve a ratio of 1:1 for the quarter ended March 31, 2011. |