Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
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 | |||
|
| |||
Total earnings | $ | 159,219 | ||
|
| |||
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 | |||
|
| |||
Total fixed charges before preferred dividends | $ | 139,533 | ||
|
| |||
Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.29 | |||
|
| |||
Preferred dividend factor | — | |||
Total fixed charges and preferred stock dividends | $ | 139,533 | ||
|
| |||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.14 | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | 19,686 | ||
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 39,357 | |||
|
| |||
Total earnings | $ | 59,043 | ||
|
| |||
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 | |||
|
| |||
Total Fixed Charges before preferred dividends | $ | 39,357 | ||
|
| |||
Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.29 | |||
|
| |||
Preferred dividend factor | — | |||
Total fixed charges and preferred stock dividends | $ | 39,357 | ||
|
| |||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.50 |