First BanCorp. (FBP) 10-Q2012 Q1 Quarterly report

Filed: 11 May 12, 12:00am

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Readability	H.S. sophomore V bad

New words: administrative, arranged, arrangement, breakdown, BVI, closure, converged, degree, derecognition, differential, disputed, enforceable, exhausted, FIA, FirsBank, forgiven, FR, inflow, input, insignificant, led, lowest, Meaningful, nonrecourse, nonvested, PRHFA, Prime, proven, purport, quotation, ramp, ready, redefaulted, Relief, satisfactory, shift, shorter, side, speed, stipulation, substance, Subtopic, suit, synthetic, tailored, title, USVI

Removed: accreted, achievement, achieving, amortize, analyzing, anniversary, annum, assert, assisted, attempting, avoiding, binomial, CC, comparative, compel, conclusion, convertible, delisting, diluting, discharge, discretion, dispose, dissolution, Doral, downgraded, effected, emerge, environment, equally, exceeding, exempted, exercisable, existence, forma, headcount, hereunder, implement, imposition, incorporation, limiting, mandatorily, Meeting, modify, negotiation, nonrecurring, obtaining, offer, outlook, pari, passu, pledgeable, pledging, precautionary, precision, precluded, preference, prescribed, priced, procedure, publicly, regain, renegotiation, repay, Restated, retroactively, revising, safeguard, satisfaction, sellable, slowdown, sooner, splitting, stagnant, substantive, surtax, suspended, turmoil, VISA, voluntarily, voting, weak, wide, winding, witnessed

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EXHIBIT 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges


	Quarter Ended March 31, 2012

Including Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(11,049	)
Plus:
Fixed Charges (excluding capitalized interest)		51,002


Total Earnings	$	39,953


Fixed Charges:
Interest expensed and capitalized	$	50,189
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		810

Total Fixed Charges	$	51,002


Ratio of Earnings to Fixed Charges		(A)

Excluding Interest on Deposits

Earnings:
Pre-tax loss from continuing operations	$	(11,049	)
Plus:
Fixed Charges (excluding capitalized interest)		14,267


Total Earnings	$	3,218


Fixed Charges:
Interest expensed and capitalized	$	13,454
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		810


Total Fixed Charges	$	14,267


Ratio of Earnings to Fixed Charges		(A)

(A)	For March 31, 2012, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $11.0 million to achieve a ratio of 1:1 for the quarter ended March 31, 2012.

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