EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Nine-Month Period Ended September 30, 2011 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (58,310 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 208,177 | |||
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Total Earnings | $ | 149,867 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 205,682 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 36 | |||
An estimate of the interest component within rental expense | 2,459 | |||
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Total Fixed Charges | $ | 208,177 | ||
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Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (58,310 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 58,453 | |||
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Total Losses | $ | 143 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 55,958 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 36 | |||
An estimate of the interest component within rental expense | 2,459 | |||
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Total Fixed Charges | $ | 58,453 | ||
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Ratio of Earnings to Fixed Charges | (A) |
(A) | For September 30, 2011, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $58.3 million to achieve a ratio of 1:1 for the nine-month period ended September 30, 2011. |