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Exhibit 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Year Ended December 31, 2012 | ||||
Including Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | 35,714 | ||
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 179,788 | |||
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| |||
Total earnings | $ | 215,502 | ||
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| |||
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 176,560 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 3 | |||
An estimate of the interest component within rental expense | 3,225 | |||
|
| |||
Total fixed charges before preferred dividends | 179,788 | |||
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| |||
Ratio of pre tax income to net income | 1.20 | |||
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| |||
Total fixed charges and preferred stock dividends | $ | 179,788 | ||
|
| |||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.20 | |||
Excluding Interest on Deposits | ||||
Earnings: | ||||
Pre-tax income from continuing operations | $ | 35,714 | ||
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 51,529 | |||
|
| |||
Total earnings | $ | 87,243 | ||
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| |||
Fixed Charges: | ||||
Interest expensed and capitalized | $ | 48,301 | ||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | 3 | |||
An estimate of the interest component within rental expense | 3,225 | |||
|
| |||
Total Fixed Charges before preferred dividends | 51,529 | |||
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| |||
Ratio of pre tax income to net income | 1.200 | |||
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| |||
Total fixed charges and preferred stock dividends | $ | 51,529 | ||
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| |||
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | 1.69 |