Exhibit 12.1
First BanCorp
Computation of Ratio of Earnings to Fixed Charges
Nine-Month Period Ended September 30, 2012 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | 19,686 | ||
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 139,533 | |||
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Total earnings | $ | 159,219 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 137,136 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 3 | |||
An estimate of the interest component within rental expense | 2,394 | |||
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Total Fixed Charges | $ | 139,533 | ||
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Ratio of Earnings to Fixed Charges | 1.14 | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | 19,686 | ||
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 39,357 | |||
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Total earnings | $ | 59,043 | ||
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 36,960 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 3 | |||
An estimate of the interest component within rental expense | 2,394 | |||
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Total Fixed Charges | $ | 39,357 | ||
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Ratio of Earnings to Fixed Charges | 1.50 |