EXHIBIT 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
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 | |||
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Total Earnings | $ | 39,953 | ||
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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 | |||
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Total Fixed Charges before preferred dividends | 51,002 | |||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.000 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 51,002 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A) | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax loss from continuing operations | $ | (11,049 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 14,267 | |||
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Total Earnings | $ | 3,218 | ||
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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 | |||
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Total Fixed Charges before preferred dividends | 14,267 | |||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.000 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 14,267 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (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. |