First BanCorp. (FBP) 10-Q 2011 Q1 Quarterly report

EXHIBIT 12.2

First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends

	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 before preferred dividends		74,857
Preferred dividends		7,018
Ratio of pre tax income to net income		1.000
Preferred dividend factor		7,018
Total fixed charges and preferred stock dividends	$	81,875
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(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 before preferred dividends		20,799
Preferred dividends		7,018
Ratio of pre tax income to net income		1.000
Preferred dividend factor		7,018
Total fixed charges and preferred stock dividends	$	27,817
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For March 31, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $31.9 million to achieve a ratio of 1:1 for the quarter ended March 31, 2011.