First BanCorp. (FBP) 10-Q 2011 Q2 Quarterly report

EXHIBIT 12.2

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

	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 before preferred dividends		144,660
Preferred dividends		14,298
Ratio of pre tax income to net income		1.000
Preferred dividend factor		14,298
Total fixed charges and preferred stock dividends	$	158,958
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(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 before preferred dividends		41,076
Preferred dividends		14,298
Ratio of pre tax income to net income		1.000
Preferred dividend factor		14,298
Total fixed charges and preferred stock dividends	$	55,374
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For June 30, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $51.5 million to achieve a ratio of 1:1 for the six-month period ended June 30, 2011.