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, 2011 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (37,152 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 144,660 | |||
Total Earnings | $ | 107,508 | ||
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 143,001 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 31 | |||
| An estimate of the interest component within rental expense | 1,628 | |||
Total Fixed Charges | $ | 144,660 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
| Pre-tax loss from continuing operations | $ | (37,152 | ) | |
| Plus: | ||||
| Fixed Charges (excluding capitalized interest) | 41,076 | |||
Total Losses | $ | 3,924 | ||
Fixed Charges: | ||||
| Interest expensed and capitalized | $ | 39,417 | ||
| Amortized premiums, discounts, and capitalized expenses related to indebtedness | 31 | |||
| An estimate of the interest component within rental expense | 1,628 | |||
Total Fixed Charges | $ | 41,076 | ||
Ratio of Earnings to Fixed Charges | (A) | |||
| (A) | For June 30, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $37.2 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2011. |