EXHIBIT 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
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 | |||
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Total Earnings | $ | 97,117 | ||
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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 | |||
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Total Fixed Charges before preferred dividends | 97,265 | |||
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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 | $ | 97,265 | ||
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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 | $ | (148 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 27,042 | |||
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Total Losses | $ | 26,894 | ||
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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 | |||
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Total Fixed Charges before preferred dividends | 27,042 | |||
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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 | $ | 27,042 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (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 period ended June 30, 2012. |