EXHIBIT 12.2
First BanCorp
Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Quarter Ended March 31, 2013 | ||||
Including Interest on Deposits | ||||
Earnings (Losses): | ||||
Pre-tax loss from continuing operations | $ | (71,011 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 36,575 | |||
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Total Earnings (Losses) | $ | (34,436 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 35,732 | ||
An estimate of the interest component within rental expense | 843 | |||
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Total Fixed Charges before preferred dividends | 36,575 | |||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.00 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 36,575 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A) | |||
Excluding Interest on Deposits | ||||
Earnings (Losses): | ||||
Pre-tax loss from continuing operations | $ | (71,011 | ) | |
Plus: | ||||
Fixed Charges (excluding capitalized interest) | 11,031 | |||
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Total Losses | $ | (59,980 | ) | |
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Fixed Charges: | ||||
Interest expensed and capitalized | $ | 10,188 | ||
An estimate of the interest component within rental expense | 843 | |||
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Total Fixed Charges before preferred dividends | 11,031 | |||
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Preferred dividends | — | |||
Ratio of pre tax income to net income | 1.00 | |||
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Preferred dividend factor | — | |||
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Total fixed charges and preferred stock dividends | $ | 11,031 | ||
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Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | (A) |
(A) | For the quarter ended March 31, 2013, the ratio coverage was less than 1:1. The Corporation would have to generate additional earnings of $71.0 million to achieve a ratio of 1:1 for the quarter ended March 31, 2013. |