First BanCorp. (FBP) 10-Q 2012 Q2 Quarterly report

EXHIBIT 12.1

First BanCorp

Computation of Ratio of Earnings to Fixed Charges

	Six-Month Period Ended June 30, 2012
Including Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(148	)
Plus:
Fixed Charges (excluding capitalized interest)		97,265
Total Earnings	$	97,117
Fixed Charges:
Interest expensed and capitalized	$	95,675
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		1,587
Total Fixed Charges	$	97,265
Ratio of Earnings to Fixed Charges		(A)
Excluding Interest on Deposits
Earnings:
Pre-tax loss from continuing operations	$	(148	)
Plus:
Fixed Charges (excluding capitalized interest)		27,042
Total Losses	$	26,894
Fixed Charges:
Interest expensed and capitalized	$	25,452
Amortized premiums, discounts, and capitalized expenses related to indebtedness		3
An estimate of the interest component within rental expense		1,587
Total Fixed Charges	$	27,042
Ratio of Earnings to Fixed Charges		(A)

(A) For June 30, 2012, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $0.1 million to achieve a ratio of 1:1 for the six-month ended June 30, 2012.