First BanCorp. (FBP) 10-Q 2009 Q1 Quarterly report

Exhibit 12.1

First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
(Dollars in thousands)

	Quarter Ended
	March 31,
	2009
Including Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	7,694
Plus:
Fixed Charges (excluding capitalized interest)		140,566
Total Earnings	$	148,260
Fixed Charges:
Interest expensed and capitalized	$	139,549
Amortized premiums, discounts, and capitalized expenses related to indebtedness		36
An estimate of the interest component within rental expense		981
Total Fixed Charges before preferred dividends		140,566
Preferred dividends requirement		15,118
Ratio of pre tax income to net income		1.000
Preferred dividend factor		15,118
Total fixed charges and preferred stock dividends	$	155,684
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax income from continuing operations	$	7,694
Plus:
Fixed Charges (excluding capitalized interest)		42,541
Total Earnings	$	50,235
Fixed Charges:
Interest expensed and capitalized	$	41,524
Amortized premiums, discounts, and capitalized expenses related to indebtedness		36
An estimate of the interest component within rental expense		981
Total Fixed Charges before preferred dividends		42,541
Preferred dividends requirement		15,118
Ratio of pre tax income to net income		1.000
Preferred dividend factor		15,118
Total fixed charges and preferred stock dividends	$	57,659
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		(A)

(A) For the quarter ended March 31, 2009, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $7.4 million to achieve a ratio of 1:1 during the first quarter of 2009.