EXHIBIT 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, 2011 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (72,910 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 265,275 | |||
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Total Earnings | $ | 192,365 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 261,896 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 40 | |||
An estimate of the interest component within rental expense | 3,339 | |||
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Total Fixed Charges | $ | 265,275 | ||
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Ratio of Earnings to Fixed Charges | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (72,910 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 73,548 | |||
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Total Losses | $ | 638 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 70,169 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 40 | |||
An estimate of the interest component within rental expense | 3,339 | |||
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Total Fixed Charges | $ | 73,548 | ||
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Ratio of Earnings to Fixed Charges | (A) |
(A) | For December 31, 2011, the ratio coverage was less than 1:1. |
The Corporation would have to generate additional earnings of $72.9 million to achieve a ratio of 1:1 for the year ended December 31, 2011.